Crime Loan Shark Arrested Over Shocking 3,400% Interest Scheme

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Picture courtesy of Naewna

 

A notorious moneylender is back in the spotlight after being caught running an illegal lending scheme with an eye-watering 3,400% annual interest rate.

 

Thailand's Economic Crime Suppression Division (ECD) arrested 37-year-old Narin Boon-me in Phra Nakhon Si Ayutthaya, citing charges of unauthorised loan services and exorbitant interest rates.

 

Authorities apprehended Narin on Saturday, following an arrest warrant issued by the Minburi Criminal Court.

 

Victims had lodged complaints about a dodgy app-based platform, "New Wallet", which exploited borrowers by demanding access to personal data and foisting hefty fees under the guise of processing costs, reported the Bangkok Post.

 

The unscrupulous lender compelled users to pay crippling daily interest via online banking, translating into an extortionate 3,400% yearly rate.

 

Debtors failing to meet deadlines were subjected to harassing calls, leaving them and their families distressed and ashamed.

 

Investigators have discovered additional suspects associated with the "New Wallet" app and are currently pursuing additional arrest warrants.

 

Narin’s criminal history is littered with drug-related offences and six other charges, underscoring a pattern of unlawful behaviour.

 

In a confession during preliminary questioning, Narin admitted to the charges, according to Pol Maj Gen Tatpoom Jaruprach, the ECD chief.

 

This arrest marks another chapter in the ongoing fight against illegal loan sharks exploiting vulnerable individuals across the country.

 

  Adapted by ASEAN Now from Bangkok Post 2025-08-18