‘Demon Loan Sharks’ busted: Ruthless gang exposed in Chon Buri
In a dramatic police swoop, two members of the infamous Demon Loan Shark Gang were arrested after expanding their illegal loan operation into Chon Buri.
The duo, identified as 35 year old Yutthaphum and 25 year old Kiatthaphum, were nabbed in a quiet housing estate where their shady business was thriving.
Acting on intelligence, police raided the single-story house, uncovering a treasure trove of evidence, including thousands of illegal loan business cards, bank records, mobile phones, helmets, and four motorcycles believed to be linked to the gang’s predatory operations.
During interrogation, Yutthaphum confessed that they had been running the illegal scheme for four to five months, renting the house for 8,000 baht per month. He revealed their primary targets were small business owners in Bo Win, Laem Chabang, and Pattaya.
“We offered loans with daily, weekly, and monthly repayment options.”
Yutthaphum added that no outside financiers were involved. He claimed they had lent out less than 100,000 baht.
However, investigators discovered the gang was charging outrageous interest rates, as high as 20% per day, a figure that dwarfs legal limits. The suspects are now facing serious charges, including operating an unlicenced loan business and charging illegal interest rates.
Both men were taken to Bo Win Police Station for further questioning, while police worked to track down other members of this predatory network, reported Pattaya Mail.
The investigation is ongoing.
In related news, Thai cyber police arrested a major loan shark in Kamphaeng Phet after debtors reported him for charging exorbitant interest rates and threatening them. Borrowers were subjected to interest rates of 16,000 baht per day, leading to fear and harassment.
In other news, several loan sharks in Nonthaburi, armed with a machete, targeted the wrong person and fled in panic after a 56 year old man managed to disarm them, later claiming they had been assaulted.
