Indian Nationals Arrested in Phayao for Illegal Money Lending

[webfact]

Picture courtesy: Daily News

 

Thai police have arrested two Indian men masquerading as peanut vendors while secretly running an illegal money lending operation. The arrests were made in Phayao after a coordinated effort by local authorities.

 

The individuals, identified as Mr. Sahani Neeraj, 23, and Mr. Sahani Namo, 27, were detained with significant evidence, including mobile phones, customer lists, and a motorcycle.

 

They were charged with conducting an unlicensed money lending business and overstaying their visas.

Reports surfaced that the men were offering high-interest loans—20% interest per day—to market traders and local residents, under the cover of trading peanuts.

 

This operation formed part of a broader initiative by Thai authorities to crack down on illegal lending, which burden many people with unmanageable debts.

 

Authorities have emphasised the importance of such operations, pointing to government policies prioritising the eradication of unlawful financial schemes. Further investigations are ongoing as officials seek to gather more evidence and identify potential accomplices, reported Daily News.

 

-- 2024-12-03

 

 

[NickyLouie]

Baba is loan shark ?

[ikke1959]

Money lending only for Thais......and the rates are very high 1% a month or even more....many examples in my area

[Dave0206]

20% per day ### lend elon musk 1.000 baht for a year on compound interest he may have difficulty repayment 

[CanadaSam]

11 minutes ago, Dave0206 said:

he may have difficulty repayment 

 

Yes, 1000 baht on 20% interest daily compounded equals baht:  

 

79,644,319,771,493,630,000,000,000,000,000

[Dave0206]

25 minutes ago, CanadaSam said:

 

Yes, 1000 baht on 20% interest daily compounded equals baht:  

 

79,644,319,771,493,630,000,000,000,000,000

Yes could not equate now I know he is a bad risk I'm lending him nothing 😁😁

[hotchilli]

5 hours ago, webfact said:

Thai police have arrested two Indian men masquerading as peanut vendors while secretly running an illegal money lending operation. The arrests were made in Phayao after a coordinated effort by local authorities.

Thai sharks only.

[soalbundy]

57 minutes ago, Dave0206 said:

20% per day ### lend elon musk 1.000 baht for a year on compound interest he may have difficulty repayment 

Since they will be going to prison and subsequently sent back to India I suggest that the loaned money is now a gift.

[Dave0206]

I'm not sure if it's deja vu but I thought I read this story few months ago .Indians are enterprising you look at the restaurant's and wonder how can they survive .Then you realise they diversified into renting and loan sharking not normally @ 20% per day that seems absurdly ott because only very desperate would accept these terms causing unwanted attention trying to enforce collection 

[PETERTHEEATER]

Significant evidence.

1.     Mobile phone

2.     Motorcycle

Thank goodness this rules out most of the indigenous population.