Loan shark arrested for charging 3,400% annual interest
ECD police apprehended Narin Boon-me on the roadside in Bang Pa-in district of Phra Nakhon Si Ayutthaya on Saturday. He was wanted on an arrest warrant issued by the Minburi Criminal Court on charges of colluding in providing personal loan services without permission and charging interest rates higher than legal limits.
Pol Maj Gen Tatpoom Jaruprach, the ECD chief, said in late 2024, several victims filed complaints through the centre for prevention of crimes related to informal debt, saying they had borrowed money from an app-based lending platform named "New Wallet". The service required consent to access the borrowers' personal information and charged processing and documentation fees.
The customers had to pay interest every day via online banking, or at an equivalent of 3400% per year. If the debtors failed to pay on time, they and people close to them would be contacted by phone, causing them great embarrassment and distress.
Investigators also requested arrest warrants for other people in connection with the New Wallet app.
A criminal background check revealed Mr Narin's prior convictions for use, production, and distribution of illicit drugs, as well as six other offences. He had recently been released from prison.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bangkok Post
4 days ago
- Bangkok Post
Loan shark arrested for charging 3,400% annual interest
A 37-year-old recently-released inmate has been arrested for running illegal money lending services with annual interest rates as high as 3,400%, Economic Crime Suppression Division (ECD) officers said on Sunday. ECD police apprehended Narin Boon-me on the roadside in Bang Pa-in district of Phra Nakhon Si Ayutthaya on Saturday. He was wanted on an arrest warrant issued by the Minburi Criminal Court on charges of colluding in providing personal loan services without permission and charging interest rates higher than legal limits. Pol Maj Gen Tatpoom Jaruprach, the ECD chief, said in late 2024, several victims filed complaints through the centre for prevention of crimes related to informal debt, saying they had borrowed money from an app-based lending platform named "New Wallet". The service required consent to access the borrowers' personal information and charged processing and documentation fees. The customers had to pay interest every day via online banking, or at an equivalent of 3400% per year. If the debtors failed to pay on time, they and people close to them would be contacted by phone, causing them great embarrassment and distress. Investigators also requested arrest warrants for other people in connection with the New Wallet app. A criminal background check revealed Mr Narin's prior convictions for use, production, and distribution of illicit drugs, as well as six other offences. He had recently been released from prison.
Bangkok Post
26-07-2025
- Bangkok Post
Tourist police bust 3 behind Vietnamese loan ring
The Tourist Police Bureau has arrested three Vietnamese nationals for operating an illegal loan shark scheme in Bangkok, charging fellow Vietnamese borrowers interest rates as high as 45%. The suspects -- Ngo Van Long, 25; Hoang Trung Tran, 21; and Dang Van Ngan, 19 -- were apprehended on Thursday at a residence in Lat Krabang district. Acting on a tip-off, officers secured a search warrant from the Min Buri Criminal Court and raided the property. During the raid, Mr Ngo, who claimed to be the tenant, was found upstairs with the two other suspects, working on computers. Authorities discovered that the trio was running an illegal lending business that specifically targeted Vietnamese nationals in Thailand who lacked work permits and therefore had limited access to legal credit. According to the investigation, the suspects acted as administrators of the loan operation. They promoted their services via Facebook, collected personal information from borrowers, and installed iCloud accounts on the victims' iPhones. These accounts enabled the suspects to control the devices remotely. If a borrower failed to repay, the phone could be locked as a means of coercion. Police noted that such loan operations are considered serious criminal offences in Vietnam. As a result, some Vietnamese lenders attempt to avoid prosecution by relocating their activities to Thailand -- despite the fact that such operations are also illegal under Thai law. Financial records indicated that the group had handled more than 2.2 billion Vietnamese dong (approximately 2.75 million baht) in loan transactions, with repayments transferred to a bank account in Vietnam. Further investigation revealed that Mr Ngo had been working in Thailand for two months, earning a monthly salary of 20,000 baht. Mr Hoang and Mr Dang, who were recruited by Mr Ngo, had been involved in the operation for just over a month, each earning between 10,000 and 20,000 baht per month. All three suspects are currently being held at Romklao Police Station.
Bangkok Post
22-07-2025
- Bangkok Post
B20m in uncertified cleaning and cosmetic products seized in Bangkok
Police have seized 20 million baht worth of uncertified cleaning supplies and cosmetics after raiding a Bangkok warehouse owned by a Chinese investor. The raid took place on Monday, and it followed an investigation into a fatality reportedly caused by inhaling toxic gas from a pipe cleaning product. Further details were not given, but a case fitting that description was reported in Chon Buri last year. Police expanded the investigation and received a search warrant issued by the Minburi Criminal Court, Pol Col Anuwat Rakcharoen, deputy commander of the Consumer Protection Police Division, said on Tuesday. When they arrived at the warehouse in Lad Krabang district, officers found foreign workers packing products for delivery. Police seized 413,746 items in all. They included Seaways-branded laundry detergent, drain, toilet and multi-purpose cleaning products — some of which contained hazardous chemicals. Also seized were 'Dr Leo' cosmetic products, including skincare and sun protection cream. They were worth over 20 million baht in total, police said. The items did not have import documents or certificates from the Thai Food and Drug Administration (FDA). Police said they had been smuggled into the kingdom from China. The Thai warehouse supervisor, identified only as Ms Authumwan, said it had been rented by a Chinese investor for storing the items. The investor also hired foreign workers to pack the goods for delivery to customers, who had made orders via online shopping platforms, including Shopee and Lazada. Ms Authumwan said the orders and customers' details were sent to shops in China to supply the products. Details of the shops were not known, she said. The business had been operating for about three years, with about 7,000 to 9,000 items delivered each day. The workers were paid five to seven baht per item they packed, police said. Customers are advised to make sure products are certified by FDA before buying, especially through online platforms. Uncertified products could contain dangerous chemicals that are potentially harmful to users.
