Chiang Mai police arrest 19 year old illegal loan tout for fourth time
Chiang Mai police have arrested a 19 year old man linked to the ‘Instant Cash’ illegal loan network for the fourth time in a year, after residents complained about loan flyers flooding their neighbourhood.
The suspect, Pakin, was apprehended on May 23 on a road in the Chomphu village area of Saraphi district, Chiang Mai. The operation was led by Police Colonel Ekasit Pansitha and Police Lieutenant Colonel Jirattawat Kitrungruangdet, under the direction of Police Major General Pattanasak Bubpasuwan. Pakin was charged with operating an unlicensed personal loan business and collecting interest above legal limits.
Evidence seized at the scene included ‘Instant Cash’ business cards, a Honda motorcycle, three 100 baht banknotes, and a debtor list.
The ‘Instant Cash’ network, controlled from Chanthaburi and Rayong provinces, charged borrowers 20% interest every 24 days, equivalent to 304% annually. On a 10,000 baht loan, for example, a borrower would repay 500 baht per day over 24 days, totalling 12,000 baht. The network reportedly used intimidation tactics for debt collection and blanketed homes, shops, markets, and tourist spots with flyers and cards.
During questioning, Pakin admitted to working for the network for about a year under a leader known as “Flame.” His role was to distribute flyers in public areas to draw in borrowers.
Further investigation revealed the ‘Instant Cash’ network operates across northern, central, and northeastern Thailand, adjusting card colours and contact numbers by province while keeping the same advertising approach.
Earlier this year, the Chiang Mai Provincial Court sentenced Pakin to two years in prison with a 150,000 baht fine, suspended at the time. He resumed his activities shortly after, leading to his latest arrest and transfer to Saraphi Police Station for further legal proceedings, reported KhaoSod.
Latest Thailand News
Follow The Thaiger on Google News:
