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[Lite Beer]

Samutprakan arrests informal loan sharks

SAMUTPRAKAN, 6 Dec 2014, (NNT) - Police officers in Samutprakan have arrested several loan sharks, who confessed to have been in the illegal business for 3 months.

Bangsaothong (บางเสาธง) Police and the local military yesterday arrested Wirat Payungton (วิรัตน์ พยุงตน) and 6 others, seizing a list of debtors, 16,930 baht in cash, 10 bank passbooks, with at least 1 million baht of circulating funds , mobile phones and 7 motorbikes.

The 7 men have been arrested in a house in Bangsaothong Sub-district after their neighbors complained to the local police that they were making loud noises, gathering to engage in suspicious activities. Upon arrival, the authorities discovered that the men, including one minor, were under the influence of alcohol, and that the house contained proofs that they worked for loan sharks.

Mr. Wirat admitted to have headed the operation of his network of informal loan service gang operating in the area of Bangsaothong District and nearby areas. The gang comprise members of his relatives .

Mr. Wirat and the others are paid 5,000 baht per month each. They have been in business for at least 3 months, said the police.

-- NNT 2014-12-06

[z42]

Scum. Simple as. This is precisely what jails are for.

Pretty sure their master won't bail them out either so this is a good result it seems

[worgeordie]

So they have formal loan sharks here too, must mean the banks!

regards Worgeordie

[aussieinthailand]

The headline, "Informal loan sharks" Bloody hell I didn't know there was a (Formal loan shark),,, Eerrr, wiat a sec, They are banks, hehehe My bad

[noitom]

The formal and the informal - only in Thailand.

[Commerce]

A formal loan shark can make 15% max commission.... it's a Thai law. Anything above 15% is 'informal' and doesn't have local provincial approval. Take a guess on the latter.

[FangFerang]

Seems to be a few math errors:

"16,930 baht in cash, 10 bank passbooks, with at least 1 million baht of circulating funds" (that's 100k per account)

then

"Mr. Wirat and the others are paid 5,000 baht per month each. They have been in business for at least 3 months, said the police." (that's barely above Thai minimum wage)

I can't get the numbers to calibrate, and who pays Mr Wirat (I thought it was his family gang)?

Anybody?

[CharlieH]

an unhelpful troll remark and response has been removed

[ratcatcher]

A gal borrowed 10,000B, and she has to pay 500B a day. The gals are afraid of these rodents.

Is that repayment of principal or B500 interest per day. Can't you help her?

[maidee]

and when the farang gives a loan to a family member of his wife, it is called a gift

[Briggsy]

Bang Sao Thong has lots and lots of factory workers.

[BSJ]

Could we hope that they all receive harsh sentences?

[cashlamb99]

Thai lady loaned 10,000B, she charges 300B a month or 3600B a year interest. Poor friend still owes 10,000B today.

Sent from my LG-P880 using Thaivisa Connect Thailand mobile app

[billd766]

Many years ago in BKK some of the bargirls borrowed money from the local "friendly loan sharks" at 20 baht per 1,000 baht per day.

On 10,000 baht the interest is 200 baht per day, 1,400 per week without any capital repayment. After 7 weeks that is close to the original 10,000 baht without repaying the original 10,000 baht.