Cops crack down on illegal loan sharks in six provinces in Thailand
Police swooped on an illegal loan shark network across six provinces, arresting key members and uncovering over 50 million baht in circulation. The operation targeted the notorious Boy Lang Khao gang, infamous for their exorbitant interest rates and violent debt collection methods.
The Police Economic Crime Suppression Division, led by Police Major General Phutthidej Boonkrapue, yesterday launched an extensive operation to dismantle illegal loan shark networks. Colonel Mekphisarn Sripirom spearheaded the raid with a team from Division 5 of the Economic Crime Suppression Division.
The operation saw coordinated raids across multiple locations in Chanthaburi, Sa Kaeo, Chon Buri, Nonthaburi, Singburi, and Prachuap Khiri Khan provinces. The police successfully apprehended five significant figures from five different loan shark networks and seized substantial evidence.
A key highlight of the operation was the raid in Chanthaburi and Sa Kaeo, targeting the Boy Lang Khao network. This gang was known for its aggressive lending practices, charging interest rates as high as 506.94% per year. Those unable to repay faced threats, physical harm, or destruction of personal property, reported KhaoSod.
Police arrested 24 year old Yutthaphong along with two associates from the Boy Lang Khao network. They seized numerous accounting books and debtor records, revealing the extensive reach and operations of the gang. Initial financial investigations indicated that the network had over 50 million baht (US$1.4 million) in circulation.
In related news, Cyber Crime Investigation Bureau officers (CCIB) are intensifying efforts to crack down on illegal money-lending operations. Police recently arrested a 43 year old woman for running an online lending page. She confessed to charging exorbitant interest rates of 20% per month, with evidence found at her residence revealing over 3 million baht in circulation.
Police Major General Phumipat Phattharasriwongchai, chief of the Cyber Crime Investigation Bureau (CCIB) Region 5 on July 17, directed Police Lieutenant Colonel Kritthapop Kaewrod, a key officer in the same bureau, to execute a search warrant issued by the Trang Provincial Court.
