Police from the Cyber Crime Investigation Bureau (CCIB) have arrested a woman operating an unlicensed loan business, charging high interest rates and accepting firearms, land deeds, and vehicles as collateral. The arrest was conducted by a team led by Police Major General Phumipat Patrasriwongchai, following a search warrant issued by the Songkhla Provincial Court.

 

The suspect, a 49-year-old woman identified as Ya Chai, was apprehended at her residence in Singhanakhon District, Songkhla Province. Seized during the search were a handgun with seven 9mm rounds, 22 motorcycles, one car, two land deeds, and two loan contracts.

 

Investigations began after officers from the CCIB Unit 5 noticed a Facebook account under the name “Ya Kim” regularly posting advertisements offering high-interest loans and pawn services for vehicles. Police traced the account to Ya Chai, leading to the issuance of a search warrant. Upon entering her home, officers found firearms, loan contracts, land deeds, and numerous vehicles used as collateral.

 

During questioning, Ya Chai admitted to offering loans via her Facebook account, using her personal phone to post advertisements. She stated she provided loans with an annual interest rate of up to 15%, requiring collateral such as vehicles or land deeds. She admitted to lending sums as high as one million baht, secured by land deeds, though she did not possess the required license to operate a credit business. The seized items represented collateral from clients, with transactions amounting to approximately one million baht.

 

The police have charged her with illegal possession of a firearm and operating an unlicensed loan business. She and the seized items were handed over to the Singhanakhon Police Station for further legal action.

 

Picture courtesy of police.

-- 2024-11-10

 

 

Hopefully more to come these people are a scourge in Thailand praying on vulnerable people good work

But her only crime is it's unlicensed.  In US, mortgage rates were also as high at 15%  early this year.  

She was a loan shark, she was giving loans for up to 15% a year interest ,  maybe she was too much competition to the loan sharks who were charging 10 % a month , those can afford the bribes to stay under the radar

15% a year a lot, while CC is about 19%?   must be a mistake...

For some reason I think that the 15% interest rate must have been monthly. If it was annually it was not that high at all compared to many other loan sharks. 

Loan Shark of 15% interest( a year)?

A kind of rather kind and conscientious sort among the black market lender.

As some of them in the world charges the borrower 10%(per 10 days)...

On 11/10/2024 at 9:26 AM, Young Hick said:

But her only crime is it's unlicensed.  In US, mortgage rates were also as high at 15%  early this year.  

 

The Institutionalized  Predatorial Lending.