Picture courtesy of KhaoSod

 

by Nattapong Westwood

A dramatic arrest unfolded at the Ministry of Culture when police apprehended members of a loan shark gang accused of charging extortionate interest rates and intimidating debtors.

 

The operation, led by Montri Teshakun, targeted 30 year old Veeraphat, and 23 year old Meentada, who were charged with operating an unauthorised personal loan business and lending money at rates exceeding legal limits.

 

The crackdown occurred yesterday, December 14, behind the Wisit Cultural Building in Huai Khwang, Bangkok, following a tip-off about the gang’s operations. Investigations revealed that this group, known as Flash & Fluke, frequently collected illegal loan repayments from food vendors at the ministry’s ground-floor food court. Vendors facing difficulties in making payments reportedly endured public humiliation, threats, and even physical confrontations.

 

Debt collectors for the gang reportedly did not hesitate to assert their dominance even within government premises, showing no fear of law enforcement. On weekends when vendors couldn’t sell their goods, they were aggressively reminded to pay their debts. This audacity was a significant concern as it took place in a governmental area, raising alarms about the gang’s boldness.

The gang operated by demanding interest rates of 20% daily, significantly above the legal threshold. Investigations found that the gang strategically collected payments during lunch breaks, arriving on motorcycles and wearing full helmets to avoid detection. Once they secured the payments, they swiftly departed the scene.

In their confession, the accused admitted to collecting these exorbitant interest rates on behalf of a financier known only as Gram, whose full identity remains unknown. They explained that they were responsible for recruiting clients and collecting installments, receiving a percentage of the interest as a commission.

 

The gang had a structured operation, with different members assigned to specific routes to avoid overlap. Their unit, Sap Lakkachai 5, was led by a figure named Toey, who was responsible for increasing client numbers, while Tum acted as an advisor overseeing the operations, reported KhaoSod.

 

“We were just collecting for our financier, Gram, who charges 20% interest daily. Our job was to find clients and collect payments, and we received a share of the interest,” one of the suspects confessed.

 

Police are conducting further investigations to dismantle the network and identify other members involved in this illegal operation. The suspects have been handed over to the Huai Khwang Police Station for legal proceedings.

 

 

-- 2024-12-16

 

 

1 hour ago, webfact said:

Investigations revealed that this group, known as Flash & Fluke

New name for the RTP ?

but I thought loan sharks were part of Thai culture    !      silly me .....  

They, and their financiers, really are a scourge on society.

 

They are responsible for misery, suicides, humiliation and violent intimidation.

 

I don't know which is worse, drug dealers or these guys' filth.

I'm thinking of starting a loan sharking gang. Maybe call it the Sharky Sharks?  We will have cool merch.

28 minutes ago, Scouse123 said:

They, and their financiers, really are a scourge on society.

 

They are responsible for misery, suicides, humiliation and violent intimidation.

 

I don't know which is worse, drug dealers or these guys' filth.

The only significant  difference between these sharks and private equity firm sharks ( like Blackstone) is that the latter wear suits. 

20% daily rate is a bargain, 50% in our village for small loans.

how does anybody agrees to a 20% a day, or week or month scam?

 

they cannot go to banks ...  why is there not an organization that help those people, with low rates, but only with collateral they give away anyway to the sharks

55 minutes ago, john donson said:

how does anybody agrees to a 20% a day, or week or month scam?

20%  a month--- reasonable  against some western loans that are always overlooked when this subject comes up---  UK payday loans can mount to 1,500% PA  --although now after a clampdown most are only .8% a day ( thats only 24% a month.)

Only difference being that unlike Thailand they are legal. 10 million loans paid out in 2018

 

 

 

People also ask

 

Are payday loans still available in the UK?   Payday loans are short-term loans for small amounts of money. They are available from high street shops and internet sites. Payday loans can be easy to get but interest rates are very high.  https://www.experian.co.uk/consumer/loans/guides/payday-loans.html

 

 

Who was the biggest backer of UK payday loans (now stopped backing them when exposed---- What a surprise - The Church of England- finance wing.

 

 

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