Thai authorities busted two brutal mortgage sharks in Thailand’s central Pathum Thani province yesterday.
The Economic Crime Suppression Division (ECSD) arrested the mortgage sharks, a 42 yr old lady named Natthajaree Muangthong and a 43 yr outdated man named Thanachai Ruangphueng. The individuals had been accused of “conducting unauthorised personal lending and charging rates of interest exceeding these permitted by law.” They were arrested during a raid on a house in Khlong Luang district, in Khlong Nueng sub-district.
According to Bangkok Post, the suspects had been running illegal cash lending providers with interest rates as excessive as 304% per yr. An ECSD commander mentioned that Those who did not pay their loans or delayed funds had been denounced and intimidated on-line.
In early March, several victims sought help from the Debt Offender Suppression Centre and the Royal Thai Police. The victims reported a gaggle of individuals using Facebook to promote money lending and funding opportunities, including gold deposit schemes and luxury brand products. The group allegedly charged exorbitant rates of interest and harassed delinquent borrowers by posting defamatory content on social media. This public shaming has triggered nice misery to the victims who fear potential hurt to their lives.
Investigations revealed that the prime suspect, Natthajaree utilised her private Facebook account to advertise mortgage presents and entice others to take part within the funding schemes for gold and high-end products. The police subsequently gathered evidence and obtained a search warrant for the suspects’ residence.
Upon searching Fortune , officers discovered Natthajaree and her husband, Tanachai, living within the residence. Both suspects confessed to involvement in money lending and selling funding schemes for gold deposits and luxury items. They claimed ignorance concerning the rates of interest exceeding those permitted by law. As a outcome, each individuals have been handed over to ECSD officers for further authorized proceedings..