for 304 % monthly interest.
In the Khlong Luang neighborhood of Pathum Thani, two people were detained for operating illicit money lending operations with interest rates as high as 304 % annually.
Thanachai Ruangphueng, 43, and Ms. Natthajaree Muangthong, 42, were both detained by police from the Economic Crime Suppression Division( ECD ), according to Pol Maj Gen Phutthidet Boonkraphee, the ECD’s’s commander, on Friday at their homes in tambon Khlong Nueng.
They were accused of operating illegal money banking services with interest rates that were higher than permitted and conspiring to offer personal loans without authorization.
The police investigation that resulted in the suspects’ imprisonment had been prompted by complaints about their actions. They allegedly advertised on a Facebook page offering cash banking services and luring customers to buy diamond jewelry and brand-name goods in installments at high interest rates that were higher than the legal limits. According to reports, interest rates on debt were 304 % annually charged.
According to the ECD captain, people who failed to pay their payments or put off expenses were harassed and intimidated online. ”””
Eight mobile phones, eight computers, a laptop computer, and other items were found during the attack on the suspects’ home, along with 188 loan borrowing contracts.
The suspects admitted to the cost during probing, and a review of the money trail revealed that they had more than 10 million ringgit in circulation. For formal action, they are currently being held by law in the ECD sub-division 5.
In Pathum Thani, a man and woman are detained for operating an improper banking business with high interest rates. Wassayos Ngamkham provided the picture.