Massive Loan Shark Ring Busted in Chon Buri

[webfact]

 

In an early morning raid yesterday, police in Chon Buri unveiled a sprawling loan shark operation, revealing illegal transactions close to 10 million baht. The crack down followed persistent complaints from local residents and small business owners about the gang's threats and violent collection tactics.

 

Operating from a fortified house in Nong Prue, Banglamung district, the gang had set up an intricate web of transactions documented scrupulously in several account books and digital devices seized during the raid.

 

The police, armed with a search warrant from the Pattaya Provincial Court, stormed the residence, catching the occupants unawares while they were asleep.

 

Inside the house, authorities found volumes of documents detailing the finances and personal details of hundreds of debtors who fell into the clutches of this high-interest trap.

 

The initial investigations suggest the gang offered loans ranging from 3,000 to 20,000 baht, with exorbitant interest rates ensuring hefty returns ranging between 4 to 5 million baht each month.

 

The leader of the group, 38-year-old Chanin, was apprehended at the scene. He confessed to running the illegal lending operation targeting vendors and small shop owners in the Pattaya, Nong Prue, and Banglamung areas.

 

Chanin also tried to dissociate himself from the violent aspects of the operation. However, the discovery of bullets and numerous complaints about armed threats painted a different picture.

 

Chanin’s claims that the capital was sourced from legitimate investors is under scrutiny, with police considering the possibility of further criminal involvements. The gang utilized business cards to discreetly market their loans, using the name "Phusing Bai Sakulphat", misleading debtors about the legality of their operation.

 

The seized items from the raid included electronic gadgets used in the operation, bullets, and luxury items likely purchased from the profits of their illicit operations. All suspects were taken to the Nong Prue Police Station for further questioning and will face charges related to illegal money lending and intimidation. 

 

Further investigations are set to explore the full extent of this racket and ensure justice for those entangled in its ruinous cycle.

 

Picture courtesy: Thai Rath

 

-- 2024-07-15

 

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[OneMoreFarang]

And now? 

How many other load sharks operate in that area? Will they all be arrested?

Or is this only elimination of the competition?

[mikebell]

2 hours ago, webfact said:

catching the occupants unawares

So the early warning system failed?

[prakhonchai nick]

10million baht loans netting 4-5 million baht monthly interest. A nice little earner.Interest charged at 40/50% a month

Are people really that desperate that they would pay so much interest for a loan?

[hotchilli]

2 hours ago, OneMoreFarang said:

And now? 

How many other load sharks operate in that area? Will they all be arrested?

Or is this only elimination of the competition?

Many I suspect, with others waiting to join in and fill the void.

[jacko45k]

29 minutes ago, prakhonchai nick said:

10million baht loans netting 4-5 million baht monthly interest. A nice little earner.Interest charged at 40/50% a month

Are people really that desperate that they would pay so much interest for a loan?

Yes, commonplace for folks to borrow on such a basis here..... I have certainly heard of 10% pcm which leaves the principal unaffected. I once learned my Mrs had lent to a friend on that basis. She told me that was cheap.

[prakhonchai nick]

1 hour ago, jacko45k said:

Yes, commonplace for folks to borrow on such a basis here..... I have certainly heard of 10% pcm which leaves the principal unaffected. I once learned my Mrs had lent to a friend on that basis. She told me that was cheap.

10%pcm is quite normal up here in Isaan, but  anyone borrowing at 50%pcm must have a few loose screws

[ronster]

People who borrow from these scum know what it entails but still go ahead thinking they will be able to pay.

Only problem arresting the sharks is as soon as they get nicked they tell others to carry on collecting for them .

[actonion]

Nearly every Telegraph pole or similar fixtures around  any where in Thailand have the stickers advertising  these loan sharks phone numbers, not so difficult to track them down

[ikke1959]

Looks like Comedy Capers always the pointing........... he did it wheeeeee.... so childish 

[300sd]

Of course this is common all over Thailand. There are a couple ways to do it here. Go to pawn shop and hand over ownership papers for your land or motor bike and for 5% per month you get a loan. Or go to these lower scum as in this article and in my area they will charge 20% per month. This really disgusts me and is one of the scourges of Thailand.

[MalcolmB]

Nobody forces them to borrow money.

 

But many borrowers need to be forced to pay it back, so the money lenders can not be weak.

 

Thais, generally speaking, are not good at paying back money.

 

Or very good at mathematics either. 

[digger70]

Massive Loan Shark Ring Busted in Chon Buri 

 

Nice Little earner.

There are millions like that and bigger than that here in the village.

The cops know them   but they do nothing   they  must be on the donation List.

 

[Korat Kiwi]

'Massive loan shark ring busted' 

 

Maybe it was a basking loan shark or even a whale loan shark

 

Some sharks are worse than others.  Never tangled with a loan shark, and never will.  Live within your means and is what I was taught by my parents. 

 

Borrow off family if absolutely necessary, otherwise go without. 

[The Old Bull]

15 hours ago, prakhonchai nick said:

10million baht loans netting 4-5 million baht monthly interest. A nice little earner.Interest charged at 40/50% a month

Are people really that desperate that they would pay so much interest for a loan?

Not desperate, stupid.

[john donson]

and here I am complaining I only get 2% gross interest from thai banks...

 

thai people invented profits higher than BITCOIN, every month...

 

whish those crooks had stocks to sell in their criminal enterprise ...

 

hahahaha