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Loan shark charging 3% daily interest Arrested

Loan shark charging 3% daily interest Arrested

Cyber police conducted a raid resulting in the arrest of an online loan shark in Trang Province, Thailand, known for charging exploitative interest rates of 3% per day and employing aggressive tactics against borrowers. Led by Cyber Police Chief Worawat Watnakornbancha, the operation seized substantial evidence under a search warrant issued by the Trang Provincial Court.

The target of the raid was a residence where 22-year-old Nichanan was apprehended. Authorities confiscated key items including a mobile phone, 35 loan agreements, six notebooks detailing daily interest loans, and nine posters advertising quick loans. The investigation was initiated by Cyber Police Division 5 after discovering an illegal Facebook account offering loans with interest rates as high as 3% per day, reaching up to 100,000 baht. Non-payment was met with threats of violence, public humiliation via social media, or property damage.

Following the identification of the account owner and their location, Nichanan was arrested and transferred to Sikao Police Station for legal procedures. This crackdown underscores law enforcement’s commitment to combatting illegal loan practices that prey on vulnerable individuals through excessive interest rates and coercive debt collection methods.

This case highlights broader efforts to ensure financial operations adhere to legal standards and safeguard citizens from predatory lending practices facilitated via social media.

Photo KhaoSod

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