A loan shark in Thailand was recently arrested by police for charging an obscene 720% annual interest rate on her loans.
According to Khaosod, police arrested the 42-year-old woman on 21 Dec at her residence in Krabi province.
Source: Khaosod
Thai authorities have been on the prowl for unlicensed lenders who use social media to rope people into loans with high interest rates.
The cyber crimes unit first caught wind of the illegal operation in Ao Luek District via Facebook user “Tears of Singles” who was convincing netizens to borrow money.
Following an investigation, police were able to gather enough evidence and testimony to request a search warrant for the woman.
Source: Khaosod
The warrant allowed police to gather enough evidence to finally arrest the loan shark.
Following her arrest, the woman, named “Madam Maem”, admitted to lending money to locals for the past three to four years.
She told police she would collect interest weekly and monthly at rates of 20% and 60% respectively, or 720% yearly.
Furthermore, if her debtors were unable to pay her, she would threaten them with grave physical violence.
Police have charged her for lending money with an exorbitant interest rate above the legal limit.
According to The Nation, the interest limit for non-banking creditors in Thailand stands at 36% per annum.
Also read: 3 men arrested for loanshark harassment in Yishun & Woodlands, debtor’s notes seized
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Featured image adapted from Khaosod.
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