Thread: Nonthaburi: Loan Shark Gang Apprehended

Thai-ASEAN News Network - Loan Shark Gang Apprehended



Loan Shark Gang Apprehended

UPDATE : 24 February 2012

The police have apprehended a gang of loan sharks believed to have loaned a total of 10 million baht.

The Consumer Protection Police Division arrested Witsanuwat Sitthiyuth and 12 accomplices are believed to be a part of an illegal loan-shark gang.

Authorities confiscated evidence, including loan contracts worth about 10 million baht, accounting books, a motor bike, and a number of business cards introducing informal loan services.


Earlier, residents from Nonthaburi province notified the police that the lenders were offering informal high-interest loans. Moreover, borrowers have been threatened if they fail to pay the interest.

The gang offers informal loans at a rate of 60 percent per month, or 2 percent a day. The gang possessed a 10-million baht circulating fund. Most clients are flood victims.

In the meantime, the suspects explained that they are debt-collectors for loan sharks in the province, and they get 5,000 baht per month. They insisted that they do not know the people behind the scenes.

The police charged them with offering loans at higher interest rates than the law stipulates. They could face a one year imprisonment, a 1,000 baht fine, or both.