Thaivisa News Posted February 6, 2015 Share Posted February 6, 2015 Guinea loan shark arrested in Bangkok Bangkok: - Police have arrested a 37-year-old man from Guinea for having carried out money lending business in Thailand without license and overcharging his clients for the interest – most charged as high as 20 per cent per month. Abdourahamane Balde, who carries a Guinea passport, was arrested on Thursday at a house in Bangkok’s Nong Khem district. Tourist Police chief Pol Maj Gen Apichai Thi-amart announced Balde’s arrest at a press conference Thursday night. Apichai said the Tourist Police had received complaints that a foreigner had been lending money mostly to immigrant workers from Philippines and overcharged them for the interest as high as 20 per cent per month. Police subsequently investigated and found that Balde was living at the Thawee Thong 3 housing estate in Nong Khem. Police raided the house and found many loan contracts and 59 passports, most belonging to Philippine citizens. Apichai said Balde seized passports as guarantees from those who borrowed money from him. Apichai quoted Balde as admitting that he had been working as an English-language teacher as a front for his money lending business. Balde has entered the kingdom since 2005. He admitted that he had charged his borrowers at the rates ranging from 10 to 20 per cent per month or up to 240 per cent per annum. The Guinea man was charged with collecting interest rates higher than what allowed by the laws. He also faced a charge of being an immigrant working in other types of work permitted in his work permit. He was handed over to the Immigration Police to be charged in court and later deported. Link to comment Share on other sites More sharing options...
siampolee Posted February 6, 2015 Share Posted February 6, 2015 Probably means he has trodden on the toes of the home grown loan sharks. It would seem as he preyed upon Filipino's using no doubt his teacher front as the door opener and I would also suspect some sort of ''church '' connection as many Filipino's are of a religious frame of mind and would of course turn to a fellow teaches or church member for a loan, indeed god and mammon are indeed closely related. Plus of course those in need may possibly have visa issues which would cause them problems if discovered hence again a reason for not contacting a Thai loan shark. Link to comment Share on other sites More sharing options...
steveyinasia Posted February 6, 2015 Share Posted February 6, 2015 Nice to see this parasite taken care of. 1 Link to comment Share on other sites More sharing options...
Johnnie99 Posted February 6, 2015 Share Posted February 6, 2015 Where's the picture and the pointing finger? 1 Link to comment Share on other sites More sharing options...
Suffinator Posted February 6, 2015 Share Posted February 6, 2015 Police have arrested a 37-year-old man from Guinea for having carried out money lending business in Thailand without license and overcharging his clients for the interest – most charged as high as 20 per cent per month. Standard police practice and obviously they didn't like the guy muscling in on their business. The Guinea man was charged with collecting interest rates higher than what allowed by the laws. He also faced a charge of being an immigrant working in other types of work permitted in his work permit. And if he was RTP he'd have been moved to an 'inactive post' or merely transfer to perpetrate the crime in another region. Link to comment Share on other sites More sharing options...
Traveller45 Posted February 6, 2015 Share Posted February 6, 2015 Standard practice in the Phillippines. Most people do not have access to regular customer banking. Those who have some reserves lend to others. Going rates are 3% per month. Good business. Illegal, of course, since banking laws require a license for that type of operation. Everybody does it, though. Are those who borrow money at such rates, better or worse off? Hard to say. Of course 40% per year is hefty compared to going rates in European and US banks. But there is the risk to take care of. That African was a little expensive, though. These people just know no limits. Good that he is where he is Link to comment Share on other sites More sharing options...
Popular Post cookee68 Posted February 6, 2015 Popular Post Share Posted February 6, 2015 That's one way to get out of paying back your loans, grass up the lender, get them arrested and deported, job done, I bet his money wont get deported back with him, my motto is never lend out a penny, people are to quick to take it, and even quicker not to want to pay it back, 3 Link to comment Share on other sites More sharing options...
wabothai Posted February 6, 2015 Share Posted February 6, 2015 I guess it has been said before. Feed him to the sharks. 1 Link to comment Share on other sites More sharing options...
Nemesis7 Posted February 6, 2015 Share Posted February 6, 2015 Good that they arrested him for doing such business but it was also reported by the those same filipino people who took money and felt not to return the money. I think both should be liable , I mean knowing its I,legal still they borrowed right? Link to comment Share on other sites More sharing options...
TheKnave Posted February 6, 2015 Share Posted February 6, 2015 (edited) So-called 5/6 lending (borrow 5, pay back 6 in 30 days - 20% juice) is rampant in the Philippines, Thailand, and all of SEA. Recently, the term has shrunk to 25 days, at least in the PI. Very brutal business, run by predators with no conscience. Sad that so many feel they have no other choice than to resort to borrowing from these scum. However, many do use the 'service', pay back the debt, and get on with life. I have an 80+ year old Thai friend who lived in the US for many years, and she had a lively business going with the Thai and Lao people living in San Diego. Cute girls were dropping by to pay the vig at all hours... Tough old bird. Edited February 6, 2015 by TheKnave 1 Link to comment Share on other sites More sharing options...
BernieOnTour Posted February 7, 2015 Share Posted February 7, 2015 (edited) No wonder, he was arrested - with 10-20% he undercutted his Thai competition And yet another fine example of highly qualified English teachers in LOS - a teacher from Guinea, <deleted> ! Edited February 7, 2015 by BernieOnTour 1 Link to comment Share on other sites More sharing options...
Lukecan Posted February 8, 2015 Share Posted February 8, 2015 Apparently there is demand for this, so I don't see any fault on the lads side. Smart man Definitely smarter than 99% of the English teachers here. Link to comment Share on other sites More sharing options...
siampolee Posted February 9, 2015 Share Posted February 9, 2015 (edited) Lukecan post # 12.. Apparently there is demand for this, so I don't see any fault on the lads side. Smart man Definitely smarter than 99% of the English teachers here. Yes indeed he is smarter than the English teachers here that's why he is in prison and awaiting his15 minutes of fame in court. Note that the lad is from Guinea and his clients victims were Filipino's, hardly representative of ''the English teachers'' here that you are attempting to cast aspersions on. Edited February 9, 2015 by siampolee 1 Link to comment Share on other sites More sharing options...
rubyjuan Posted February 19, 2015 Share Posted February 19, 2015 I thought he was from Italy.... Link to comment Share on other sites More sharing options...
shirtless Posted February 19, 2015 Share Posted February 19, 2015 In his eyes he was a saint, or robin hood, He better like prison food. Link to comment Share on other sites More sharing options...
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