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Shocking Facebook Money Trap: Illegal High-Interest Loan Scheme Busted by Thai Authorities!

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In a recent crackdown on illegal money lending services, authorities arrested two individuals during a raid on a residence in Pathum Thani’s Khlong Luang district. The suspects, Thanachai Ruangphueng, 43, and Natthajaree Muangthong, 42, were apprehended by the Economic Crime Suppression Division (ECD) at their home in tambon Khlong Nueng. The duo now faces charges related to operating a personal loan business without the necessary authorization, and for charging interest rates surpassing the legal limit.

Pol Maj Gen Phutthidet Boonkraphue, commander of the ECD, shared that complaints concerning the suspects’ activities prompted the police investigation which ultimately led to their arrest. It has been alleged that the suspects advertised their money lending services on a Facebook page, enticing potential clients with offers to buy gold ornaments and branded products through high-interest installment plans. These clients were then reportedly burdened with exorbitant interest rates, reaching up to 304% per year.

According to the ECD commander, debtors who fell behind on payments or missed them entirely were publicly shamed and intimidated online. The raid on the suspects’ home resulted in the confiscation of 188 loan contracts, eight mobile phones, a desktop computer, a laptop, and numerous other items.

Under interrogation, both Thanachai Ruangphueng and Natthajaree Muangthong admitted to the charges. A closer look at their financial transactions revealed more than 10 million baht in circulation. They are currently being held in police custody at ECD sub-division 5 for further legal proceedings.

Instances like this highlight the importance of staying vigilant and conducting thorough research before entering into any financial agreement. Unfortunately, illegal money lending services often prey on the vulnerable, offering a lifeline that quickly becomes a sinking, debt-filled abyss. Always exercise caution and verify the credentials of any business or individual offering personal loans, particularly when advertised online.

As for those who find themselves caught in the web of unscrupulous money lending services, it’s crucial to report these activities to the proper authorities, like the ECD in this case. By acting as quickly as possible, you can help bring these offenders to justice and potentially save others from being ensnared in similar high-interest traps in the future.

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