Loan shark gang in Nan province busted by security forces

Wednesday, 30 July 2014 By  NNT

NAN, 28 July 2014  - The Internal Security Operations Command (ISOC) in Nan province has deployed a team of soldiers and police to arrest members of a loan shark gang charging its clients with exorbitant interest rates of 60 percent per month. 

All the eight members of the gang have been apprehended by police in the downtown area of Nan. The group consists of six men and two women, one of whom is pregnant.

Police have found a bank account of the gang that showed 400,000 baht in revolving funds. The gang members have been charging an interest rate of 2 percent per day, which is the equivalent of a 60 percent interest rate per month. Most of the group’s clients’ were market vendors within the area.

At this point, the suppression authorities are trying to propose to the National Council for Peace and Order (NCPO) to figure out a solution to help low-income earners gain easier access to tradional loan sources.

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