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Five years Overstay Indian man arrested for loan-sharking

Five years Overstay Indian man arrested for loan-sharking

In Bangkok, authorities have apprehended an Indian national, known as Veejay, for operating an illicit lending scheme with an exorbitant monthly interest rate of 20%. The 59-year-old was caught by Crime Suppression Division police while collecting repayments from borrowers in the Lat Phrao district. Upon his arrest, authorities discovered a significant amount of cash and a notebook containing names and phone numbers.

Veejay faces multiple charges including illegal money lending, conducting a personal loan business without proper authorization, and surpassing the legal limit for loan interest rates. According to Thai law, personal loan interest rates are capped at 15% annually. Admitting to lending money to a store owner at the location of his arrest, Veejay confessed to charging approximately 20% interest per month.

Furthermore, investigations revealed that Veejay had overstayed his visa by an alarming 2,076 days, equivalent to 5 years and 7 months. He disclosed that he initially arrived in Thailand in May 2018 on a tourist visa, which was extended until September of the same year. However, he had not sought further extensions since then.

The penalty for visa overstays in Thailand is 500 baht per day, with a maximum fine of 20,000 baht. Veejay was subsequently taken to the Chokchai police station for further legal proceedings.

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