NCPO-led Illegal Money Lending Sting in East Pattaya

[Rimmer]

NCPO-led Illegal Money Lending Sting in East Pattaya

PATTAYA:--Prompted by orders from the NCPO (National Council for Peace and Order) and based on bulletin number 46/2557, the Royal Thai Navy in conjunction with Nongprue Police conducted a raid on an East Pattaya house occupied by an 18 year old man accused of running a multi-million Baht illegal money lending operation.

Officers converged on the house at the Suwantana Garden Village in Soi Neun Plub Wan at 10.30pm on Friday and detained Khun Jutarin aged 18.

He was suspected of running a money lending business and would charge 20% interest to his customers, who he claimed were mostly food vendors and bar workers.

A ledger, 10 ATM cards, bank books, 1,000 Business Cards featuring his mobile phone number and his car were seized and Khun Jutarin was taken to Nongprue Police Station

- See more at: http://www.pattayaone.net/pattaya-news/133949/ncpo-led-illegal-money-lending-sting-in-east-pattaya/#sthash.gkkwCRed.dpuf

-- Pattaya One 2014-07-05

[Pralaad]

A silly question, but where does an 18 year old gets his multi millions?

It did not cross police or navy mind that he is a front for somebody else?

[chanwit]

F.Y.I. Bangkok Bank legally charges 20% interest on their credit cards.

[petercool]

The Banks' interest is annual whereas the money lenders can charge 20% monthly or weekly and even daily. And the banks don't have "heavies" collecting for them.

[JesseFrank]

The Banks' interest is annual whereas the money lenders can charge 20% monthly or weekly and even daily. And the banks don't have "heavies" collecting for them.

With " heavies" you probably had monks in mind, because I know several temples being in the illegal money lending business.

[ericjt]

If he's charging 20% a year, that's less than most credit cards. If it's 20% per month, or per week, that's a little different. It would be nice if the OP article were a little clearer about the actual rate being charged. "20%" is only half the story. We need to know the period (year, month, week), too.

[Benmart]

It did not cross police or navy mind that he is a front for somebody else?

Perhaps it does. I'm not privy to their investigations and if anyone is, perhaps they can share?

It's easy to second quess the intentions and tactics of the authorities. I say good for Navy, Army and Police and keep up the good work that is long overdue.

Edited July 6, 2014 by Benmart

[Chris Lawrence]

Great reporting from Pattayaone and pictures. The Nation aren't that good.

Getting back to the op, very self assured young man, with that many guns behind him. Hoped he makes it into the Senate?

[glasswort]

The Banks' interest is annual whereas the money lenders can charge 20% monthly or weekly and even daily. And the banks don't have "heavies" collecting for them.

Try not paying and see what the Banks do!!!!!

[Rimmer]

Off topic libellous post removed

[Wat dee]

F.Y.I. Bangkok Bank legally charges 20% interest on their credit cards.

In a month?

[petercool]

The Banks' interest is annual whereas the money lenders can charge 20% monthly or weekly and even daily. And the banks don't have "heavies" collecting for them.

Try not paying and see what the Banks do!!!!!

I have it on good authority that while some banks "sell" their debt to collection agencies, that practice is against the law.

More normally they use lawyer services to take out a case,

[belg]

18 year old, all by himself ?

wow, now that is what you call initiative...