‘Demon Loan Sharks’ busted: Ruthless gang exposed in Chon Buri

[snoop1130]

 

In a dramatic police swoop, two members of the infamous Demon Loan Shark Gang were arrested after expanding their illegal loan operation into Chon Buri.

 

The duo, identified as 35 year old Yutthaphum and 25 year old Kiatthaphum, were nabbed in a quiet housing estate where their shady business was thriving.

 

Acting on intelligence, police raided the single-story house, uncovering a treasure trove of evidence, including thousands of illegal loan business cards, bank records, mobile phones, helmets, and four motorcycles believed to be linked to the gang’s predatory operations.

 

During interrogation, Yutthaphum confessed that they had been running the illegal scheme for four to five months, renting the house for 8,000 baht per month. He revealed their primary targets were small business owners in Bo Win, Laem Chabang, and Pattaya.

 

 

 

 

“We offered loans with daily, weekly, and monthly repayment options.”

 

Yutthaphum added that no outside financiers were involved. He claimed they had lent out less than 100,000 baht.

 

However, investigators discovered the gang was charging outrageous interest rates, as high as 20% per day, a figure that dwarfs legal limits. The suspects are now facing serious charges, including operating an unlicenced loan business and charging illegal interest rates.

 

Both men were taken to Bo Win Police Station for further questioning, while police worked to track down other members of this predatory network, reported Pattaya Mail.

The investigation is ongoing.

 

By Puntid Tantivangphaisal

Photo courtesy of Pattaya Mail

 

Source: The Thaiger

-- 2024-09-11

 

 

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[chippendale]

Busted for encroaching on a competitor's turf, having neglected to grease the local officials' palms. How careless.

[jacko45k]

Amazing the lack of foresight people who take on these loans seem to have... the extreme interest rates are made clear I believe... clients are just oblivious to how fast these debts increase. Twenty percent/day... the debt doubled in 5 days, not including any compounding!

Edited Wednesday at 10:38 PM by jacko45k

[chmeatloaf]

Spend within your limits. And discipline yourself not to give out loans to anyone including yours and your wife's relatives. 

[hotchilli]

29 minutes ago, chmeatloaf said:

Spend within your limits. And discipline yourself not to give out loans to anyone including yours and your wife's relatives. 

Live out of your ar$e pocket, if it ain't in there don't spend it.

[mikebell]

14 hours ago, snoop1130 said:

Acting on intelligence

 

14 hours ago, snoop1130 said:

they had been running the illegal scheme for four to five months,

Another triumph for Plod.

[ignore it]

Well at least they are Thai.