Nano-finance fraud schemes ongoing despite official campaign having yet to start

[webfact]

Nano-finance fraud schemes ongoing despite official campaign having yet to start

BANGKOK, 15 April 2015 (NNT) – Fraud schemes under the guise of nano-finance loan provision are already ongoing despite the fact that not a single entity has been granted permission to provide the loans, the Ministry of Finance has said.

According to Fiscal Policy Office Director Krisda Chinavicharana, in his capacity as spokesperson to the Ministry of Finance, fraudsters were claiming that they had been granted permits from the finance ministry to engage in nano-financing. These individuals were providing loans at rates higher than those allowed by law and also allowing savers to deposit money in a manner similar to banks.

The spokesman said the Ministry of Finance would like the public to be aware that no nano-financing permits have been issued so far, and that nano-financing entities are not allowed to accept deposits from savers.

The government's nano-finance project, currently under development, is aimed at solving the problem of loan sharks and unregulated lending, and increasing grassroots people's access to funds. Under the scheme, local businesses and establishments will be allowed to lend no more than 100,000 baht to each borrower.

-- NNT 2015-04-15

[worgeordie]

That seems to be the normal way of doing things here,not in law yet,

but just go ahead anyway,and try and sort out the mess later,in this

case when people have lost a lot of money.

regards Worgeordie

[JOC]

Instead of making statements, what about closing down the illegal places??

Too simple?

[ezzra]

The whole article doesn't make Nano-sense to me, what da hell is Nano loan?

is it a loan so small you can't even see it or what?

[SOTIRIOS]

...wonder if they are seeing the arrests and investigations of the past 6 months to completion even...

...nothing more about all those illegal funds being redirected...nor the rice scheme....and the prosecution of certain individuals....

...as for 'good business practice'...all too often it comes down to 'illegal advantage'.....and it seems to happen too often...

...not to mention 'too many protected professions and industries'......no healthy competition......which leads to complacency...collusion...corruption....

(...hardly anything to be proud of....)

[bikerbri]

So now we have legalised loan sharks.

[billd766]

So now we have legalised loan sharks.

How have you come to that conclusion?