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Shocking Loan Shark Scheme Exposed: Arrests Made in 304% Interest Rate Scandal!

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Two individuals have been apprehended in Pathum Thani’s Khlong Luang district for operating unlawful money lending services with excessively high interest rates, reaching a staggering 304% annually. After receiving complaints regarding their financial activities, the Economic Crime Suppression Division (ECD) conducted a raid on a residential property, resulting in the arrest of Thanachai Ruangphueng, 43, and Natthajaree Muangthong, 42.

The pair face charges of colluding to offer private loans without the proper authorization and operating illegal money lending services with interest rates beyond legal limits. The ECD, under the command of Pol Maj Gen Phutthidet Boonkraphue, discovered the duo’s unlawful business practices through an investigation sparked by complaints filed against them.

According to reports, the suspects allegedly advertised their services on a Facebook page, enticing customers to borrow money to buy gold jewelry and high-end products with installment plans carrying exceedingly high-interest rates. Yearly interest rates for debtors were alarmingly set at 304%. ECD also revealed that those unable to repay their loans in a timely manner were subjected to online harassment and intimidation.

During the raid on the suspects’ home, authorities confiscated 188 loan borrowing contracts, eight mobile phones, a desktop computer, a laptop, and other related items. When questioned by the police, both suspects admitted to the charges, and further examination of their financial activities indicated they had over 10 million baht in circulation. Ruangphueng and Muangthong are now being held in ECD sub-division 5, where they will face legal proceedings.

The swift actions of the ECD and the arrest of these loan sharks emphasize the necessity to maintain strict regulations and the need for constant vigilance to prevent unethical financial practices. These illegal money lending services not only exploit vulnerable individuals but can also have far-reaching negative consequences for the economy. As demonstrated in this case, the fight against unlawful lending practices is ongoing but will continue to be a priority for law enforcement agencies.

With the continued monitoring and active discouragement of illegal lending practices, consumers can make informed financial decisions and not fall victim to high-interest loans that can potentially harm their personal financial stability. It is crucial for individuals to be cautious when considering loan offers, particularly when interest rates significantly exceed legal limits.

Moreover, anyone who suspects illegal money lending practices should report their concerns to the authorities, helping crack down on these fraudulent financial activities and ensuring that illegal loan sharks face the appropriate legal consequences.

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