An Indian national has been arrested for operating an illegal daily loan scheme in Ang Thong. The arrest followed complaints by residents to the local Justice Centre about the extortionate interest rates and violent threats from the loan shark.
The investigation, conducted today, November 30, found that an Indian man, identified only as Harinda, had loaned amounts ranging from 2,000 to 10,000 baht, charging a daily interest of 20%, which equates to 300 baht per day. Failure to pay resulted in threats and physical harm.
The local authorities and police discovered that the loan sharking operation was masked as a roaming sales business, targeting daily market traders in Jarakay Rong Market and Wat Chaiyo Market. The loans, typically ranging from 2,000 to 10,000 baht, required daily repayments of 300 baht, equating to an exorbitant daily interest rate of 20%….
