Masked rider gang’s loan sharks left FIN-ancially busted as ECD rides in for arrests

Economic Crime Suppression Division (ECD) officers arrested five loan sharks from the Masked Rider Gang for attacking debtors and demanding extortionate interest rates of 400% per year.

The arrests were made following a complaint by a debtor in June of this year when he was attacked by loan sharks at his condominium. He explained that he borrowed the money from a Facebook page called Informal Lone 24 Hour at the end of last year. He put his condo as collateral and handed over the condo’s keycard to the gang. However, the staggering interest rate of 400% per year made it impossible for him to keep up with the monthly payments. Consequently, the loan sharks resorted to publicly shaming the victim on social media and threatened him.

Matters escalated further as he still could not pay the debt and interest, so five members of the loan sharks’ gang stormed into his condo and attacked him to get money. He then approached the police for help. He stated that the gang was known among debtors as the Masked Rider Gang.

Following the investigation, the ECD discovered the massive scale of the loan sharks’ operations. They had an administrator managing their Facebook page, a team of contractors, and a debt collector group.

Officers gathered more evidence until they were confident about the criminal actions of the gang and issued arrest warrants against five members.

Officers made the arrests in four spots, in the Chon Buri, Pathum Thani, Samut Prakarn, and Chianrt provinces. During the operation, officers also seized two mobile phones, 36 loan contracts, and 56 ATM cards at their office.

The arrested suspects included a 24 year old man named Amphon Meepho, a 27 year old man named Danusorn Sungsud, a 27 year old man named Thanphon Paensuwan, a 26 year old man named Panupong Chantayak, and a 42 year old woman named Lalita Nawakun.

They were charged with offering personal loans without permission, demanding interest exceeding the legal rate, and using violent acts to collect a debt.

For the illegal operation of personal loan institutions, the suspects face imprisonment of one to five years and a fine from 100,000 to 500,000 baht. The imprisonment of up to two years, a fine of up to 200,000 baht, or both for imposing illegal high interest rates. Moreover, using violent acts to collect debt will result in up to one year in jail and a fine of up to 100,000 baht.