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  1. #1
    Thailand Expat misskit's Avatar
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    Bangkok immigration police nab Chinese loan sharks

    Bangkok immigration police have arrested 5 organisers and 73 employees at a building for running an illegal finance firm.


    Police raided the building in Chom Thong district, where alleged Chinese loan sharks were operating under cover of a shelf Thai company. The company, “Thai Luck Trade” was extending loans at interest rates far higher than the limit under Thai law.


    The company was registered as a merchant dealing in glasses, watches and cameras but they secretly developed applications with names like “Cash Home” and “Take Money Quick,” which had been downloaded over 100,000 times to extend loans of between 2,000 to 20,000 baht, and required customers to pay 42% of the loan amount as a “registration fee.”


    Additionally they were charging interest rates up to 600% per year. The company’s accounts showed that it had 200 million baht in circulation to more than 20,000 customers.

    Thailand News Today - Friday May 8 | The Thaiger

  2. #2
    Thailand Expat jabir's Avatar
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    Can't imagine any but the most desperate or stupid would borrow from loan sharks, so if this lot are put out of action it suits me that their 200m in circulation won't need to be paid back; that averages a pathetic 10k baht per victim who should be allowed to reclaim assets if any that they put up as collateral.

    Then deport the fcukers to Wuhan, after a good hiding.

  3. #3
    Thailand Expat

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    Generally speaking, very little in the way of lucrative, clandestine and illegal activity takes place without the knowledge of the local Thai for very long...........

  4. #4
    Thailand Expat harrybarracuda's Avatar
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    Chinky parasites can't help themselves.

  5. #5
    Custom Title Changer
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    Why would immi police be the lead on a loansharking bust?

  6. #6
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    There may be a clerical muddle over the right visa/WP that can be resolved after negotiation......

  7. #7
    I'm in Jail

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    Quote Originally Posted by jabir View Post
    Can't imagine any but the most desperate or stupid would borrow from loan sharks
    Loads of the bar girls on soi 22 used to mention a Chinese loan shark.

    I did try and help out as many as I could back then

  8. #8
    Thailand Expat raycarey's Avatar
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    Quote Originally Posted by Dillinger View Post
    Loads of the bar girls on soi 22 used to mention a Chinese loan shark.

    I did try and help out as many as I could back then
    "back then" meaning two months ago.

  9. #9
    Thailand Expat harrybarracuda's Avatar
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    The company’s accounts showed that it had 200 million baht in circulation to more than 20,000 customers.
    Here's hoping all the records are destroyed rather than "misappropriated".

  10. #10
    Thailand Expat misskit's Avatar
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    Quote Originally Posted by Topper View Post
    Why would immi police be the lead on a loansharking bust?
    Immigrants were involved. Immigration police can investigate and arrest any crimes foreigners commit. I was told so by an immigration police officer.

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