Uncovering a Predatory Loan Shark: CCIB Takes Action

Cyber Crime Investigation Bureau (CCIB) police successfully dismantled a predatory lending scheme run by an unscrupulous loan shark who charged exorbitant interest rates of 50% and coerced borrowers into extreme measures to repay their debts.

The operation, which took place today, was led by the head of the CCIB, along with his team, who executed a search warrant in Trang province, leading to the arrest of 38 year old Thaweesak.

The raid on a house in the Mueang district of Trang province uncovered evidence of a ruthless loan operation. Thaweesak had been running a lending business that far exceeded legal interest rate limits, charging a daily interest of 60 baht on a 1,000 baht loan without any reduction of the principal amount until the entire sum was repaid.

For a 30-day loan of 1,000 baht, the borrower would have to pay an additional 40 baht per day, culminating in a total…