Cyber cops collar loan shark for high-interest loans with sex repayment

Cyber police arrested a Thai man in the southern province of Trang yesterday for offering high-interest loans and allegedly forcing debtors to repay debts with sex. “loan-shark love:

Cyber Crime Investigation Bureau officers came across videos posted by the 38 year old loan shark, Thaweesak, on social media where he publicly shamed debtors unable to repay his loans. Further investigation into the matter showed that Thaweesak was providing illicit loans with high-interest rates exceeding 50%.

According to the police report, Thaweesak promoted his loan services on various social media platforms. He targeted only people with clear information on their profiles, a social circle of over 100 friends or followers, and a well-defined occupation with an income.

Thaweesak did not work alone. Many loan sharks were part of this operation, maintaining several social media profiles to attract potential debtors. Each debtor was required to record a video pledging that Thaweesak could publicly expose them on social media if they failed to meet the repayment conditions.

Some female debtors were forced into promising sexual favours to Thaweesak or other loan sharks if they failed to follow the conditions.

Breaking Thaweesak’s rules led to the public sharing of these videos on social media, creating pressure on debtors to find money for Thaweesak. The police did not confirm whether any debtors suffered sexual assaults due to rule violations.

Following the clear evidence on social media, cyber police then raided Thaweesak’s home on Baan Pho Road in Trang province and arrested him on January 22. The other loan sharks involved in the operation gradually shut down their social media profiles after Thaweesak’s arrest.

Thaweeksak faces three charges including:

• Section 4 of the Excessive Interest Rate Prohibition Act: offering loans with an interest tighter than the legal limit. The penalty is imprisonment of up to two years, a fine of up to 200,000 baht, or both.
• Section 5 of the Excessive Interest Rate Prohibition Act: operating loans without permission. The penalty is imprisonment from one to five years and a fine from 100,000 to 500,000 baht.
• Section 11 of the Debt Collection Act: revealing the debt information of a debtor to the public or to any person who was not involved in the debt. The penalty is imprisonment of up to one year, a fine of up to 100,000 baht or both.