Two people have been arrested for running illegal money lending services with interest rates as high as 304% per year during a raid on a house in Pathum Thani’s Khlong Luang district.
Police from the Economic Crime Suppression Division (ECD) arrested Thanachai Ruangphueng, 43, and Ms Natthajaree Muangthong, 42, at the house in tambon Khlong Nueng on Friday, said Pol Maj Gen Phutthidet Boonkraphue, commander of the ECD.
They were charged with colluding to provide personal loan business without permission and running illegal money lending services with interest rates that exceeded the legal limit.
Complaints about the suspects' activities had prompted the police investigation that led to their arrest. It was alleged that they had posted advertisements on a Facebook page offering money lending services and persuading people to purchase gold ornaments and brand-name products through instalments with high interest rates exceeding the legal limit. Debtors were reportedly charged interest rates of 304% per year.
Those who failed to pay their loans or delayed payments were denounced and intimidated online, said the ECD commander.'''
The raid on the suspects' house yielded 188 loan borrowing contracts, eight mobile phones, a computer, a notebook computer, and other items.
During questioning, the duo confessed to the charges, and examination of the money trail revealed that the suspects had more than 10 million baht in circulation. They are currently in police custody at the ECD sub-division 5 for legal action.
