South Korean loan scam leader detained in Thailand, faces extradition
Police in Pathum Thani have detained the alleged head of a South Korean illegal lending ring accused of defrauding over 9,000 individuals, resulting in losses exceeding 355 million baht, after he fled to Thailand to avoid prosecution.
Officers from the Consumer Protection Police Division captured 65 year old Tae Won Bae outside a Korean language school in Khlong Luang district. Central Investigation Bureau commissioner Natthasak Chaowanasai confirmed the arrest.
A warrant had been issued for Bae by South Korean police due to breaches of credit business registration and financial consumer protection laws.
The arrest stemmed from a probe by police in Busan, which dismantled an unlawful lending scheme operated by Bae and his son. The network preyed on migrant workers travelling abroad for employment, imposing interest rates as high as 154% annually, in violation of South Korean regulations. Victims were often left with little recourse, having agreed to loan terms without fully understanding the compounding costs involved.
More than 9,000 people were reportedly affected, with total financial damages surpassing 355 million baht. The scale of the operation placed it among the larger illicit lending cases investigated by Busan police in recent years.
Six members of the network have been identified, arrested, and prosecuted. Bae is believed to be the ringleader. Following the operation’s shutdown, he fled to Thailand, leaving the South Korean side of the business under his son’s control. Busan police later collaborated with Interpol to issue a Red Notice for his capture.
Thai police located Bae after tracking his movements to the Korean language school in Khlong Luang. His presence in Thailand had gone undetected for some time before the tip-off that led to his arrest.
During questioning, Bae confirmed his identity as the individual named in the South Korean arrest warrant. His visa has since been revoked, and police are now arranging his deportation to face charges in South Korea.
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