Thai loan shark gang executes victim inside his own house

[webfact]

Loan shark gang executes victim inside his own house

KHON KAEN, 13 May 2014 (NNT) - A gang of loan sharks has murdered a famous cook at Khon Kaen Province by hanging him inside his own home, after he was unable to pay off a 300,000 baht debt.

Forensic police officers have investigated the home of Mr. Prakob Inchana, a 61 year-old cook, and found that his body was dangling from a rope.

The police’s initial investigation confirmed that Mr. Prakob’s body had been dragged on the ground before he was hanged and that the loan sharks broke into his home, as evidenced by the scattered furniture.

The victim’s son, Mr. Montien Klasongkhram, confirmed that his father had resigned from his job as a cook in a famous restaurant sometime ago.

Following his father’s decision, the old man had borrowed money from three or four gangs of informal lenders so that he could open his own restaurant.

The 61 year-old cook was reported to have paid an usually high interest rate of at least 1,000 baht per day. Mr. Montien claimed the loan sharks have hung his father to make it look like a suicide attempt so that they could cover up on the murder.

At this point, the police are doing whatever they can to arrest the perpetrators so that they could be brought before a court of law.

-- NNT 2014-05-13

[clockman]

Loan shark, growth industry for Thailand. They are all over the place.

[Eddy B]

Yeah, right. The police will do everything in their power...........my arse they will. RIP for the cook and his family but you should also have known that dealing with loan sharks is a dangerous game, even more so now in Thailand!

[lee b]

Yeah, right. The police will do everything in their power...........my arse they will. RIP for the cook and his family but you should also have known that dealing with loan sharks is a dangerous game, even more so now in Thailand!

Very true, and when that money changes hands they have you over a barrel. Just another reason to stay well clear of them !!

[winstonc]

they aint guna arrest their own work mates..

[rebelplatoon]

One of the proffesions frowned upon by Lord Buddha in the sense it was not considered right livelihood. RIP poor man.

[hidavey]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

[smutcakes]

There not going to get their money back now

[somchaismith]

Thailand, may lack what it takes be the hub of most things, but she certainly takes the first prize for being Asia's hub of loan sharks.

Edited May 13, 2014 by somchaismith

[Pralaad]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

[Mister Fixit]

Loan shark, growth industry for Thailand. They are all over the place.

And will get much worse as the pawn shops mushroom too.

[smutcakes]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

Thats why if you are going to borrow money, borrow BIG. They are less likely to have you bumped off if you have a huge unpaid debt.

[somchaismith]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

Thats why if you are going to borrow money, borrow BIG. They are less likely to have you bumped off if you have a huge unpaid debt.

Haven't you blokes ever heard of setting an example to others who may also entertain the idea of failing to pay?

Edited May 13, 2014 by somchaismith

[JeremyBowskill]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

It does however send quite a message to everyone else that owes you money. My guess is taking were up, until the point they got nicked that is!

[taony]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

That's 10% per month.

But do agree, banks suck too. They are loan sharks in our own countries. Here they are just about useless.

-*I typed this myself*-

[Som wat]

There not going to get their money back now

Loan passes onto the adult children.

[WhizBang]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

Failed math, did we?

1000 baht per day x 365 days = 365000 baht INTEREST per year. Still have to pay off the principal. Not sure how you get 10% out of that.

[stockholm1995]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

1000 baht/ day = 365 000 baht / year

121,6 % interest/year

[Som wat]

There not going to get their money back now

Loan passes onto the adult children.

[WhizBang]

There not going to get their money back now

Loan passes onto the adult children.

More likely he signed over any property he had as collateral. Now it belongs to the mafia thugs.

[Som wat]

Just check the drive way for CBR150 tire tracks.

[Lancelot]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

Thats why if you are going to borrow money, borrow BIG. They are less likely to have you bumped off if you have a huge unpaid debt.

Haven't you blokes ever heard of setting an example to others who may also entertain the idea of failing to pay?

Exactly right. Loan sharks operate on fear. If one customer defaults -and there is no retribution- other customers will also default, resulting in a bankrupt, former loan shark.

Not to mention the incalculable loss of face...

[taony]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

Failed math, did we?

1000 baht per day x 365 days = 365000 baht INTEREST per year. Still have to pay off the principal. Not sure how you get 10% out of that.

I think you can figure it out, just like i did. Might take up two minutes of your time though.

-*I typed this myself*-

[Pralaad]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

Thats why if you are going to borrow money, borrow BIG. They are less likely to have you bumped off if you have a huge unpaid debt.

Haven't you blokes ever heard of setting an example to others who may also entertain the idea of failing to pay?

Can not get water out of stone. A beating is enough "example"

[Pralaad]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

Thats why if you are going to borrow money, borrow BIG. They are less likely to have you bumped off if you have a huge unpaid debt.

Haven't you blokes ever heard of setting an example to others who may also entertain the idea of failing to pay?

Exactly right. Loan sharks operate on fear. If one customer defaults -and there is no retribution- other customers will also default, resulting in a bankrupt, former loan shark.

Not to mention the incalculable loss of face...

Somewhat a fairy tale story . Debt collecting works in different ways.

First verbal warning, followed by light beating, followed by serious beating , then a final beating with broken bones.

Killing someone sends a message NOT to use this particular loan shark.

This is why there loan sharks who become very rich and live a long comfortable life and those who last few years and spend the rest behind bars

[Metisa]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

Thats why if you are going to borrow money, borrow BIG. They are less likely to have you bumped off if you have a huge unpaid debt.

Haven't you blokes ever heard of setting an example to others who may also entertain the idea of failing to pay?

Can not get water out of stone. A beating is enough "example"

Can't believe what you wrote there. Some people don't know what they are getting into WHEN so desperate (as we saw today with people needing to pawn items to get school uniforms), and the sharks are always at profit anyway. To suggest a beating, or as previous poster 'an example' is profoundly repulsive. Then again, what's new in TV posting? Generally 'repulsive' being the operative word!

Hope you're proud of such condoning as beatings... Chinese ancestry perhaps... or Ku Klux Klan Texan are we?

[wprime]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

It's 120% p.a. He was a fool for accepting such a loan.

[Pralaad]

Can not get water out of stone. A beating is enough "example"

Can't believe what you wrote there. Some people don't know what they are getting into WHEN so desperate (as we saw today with people needing to pawn items to get school uniforms), and the sharks are always at profit anyway. To suggest a beating, or as previous poster 'an example' is profoundly repulsive. Then again, what's new in TV posting? Generally 'repulsive' being the operative word!

Hope you're proud of such condoning as beatings... Chinese ancestry perhaps... or Ku Klux Klan Texan are we?

So you prefer death????

Some people do not know??? Do not assume everyone is as naive as yourself

People are well aware of what they have to pay back and on what terms, it is made clear when money is given.

Considering that you do not have a clue in this circumstance what the money was for, i really can not see how you can make a half intelligent point of someone being DESPERATE..

For all you know, money was borrowed for gambling

As for what you find repulsive, no one really cares, I for one could not care less what you thought, because clearly you do not have any grasp of what you are talking about

Edited May 13, 2014 by Pralaad

[TimCM]

Thailand, may lack what it takes be the hub of most things, but she certainly takes the first prize for being Asia's hub of loan sharks.

Sorry but not even close. In China it is on a scale you can barely comprehend.

They are just as ruthless too and have no issue chopping off body parts over even small debts

[bobl]

I don't believe for a minute that the repayments on a 300,000 loan were only 1,000 a day - especially from the type of loan shark who resorts to murder. As others have roughly worked out, that's "only" 10% a month which is nothing to these guys who would usually charge at least 20 or 30% a month.

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