PATTAYA, Thailand – Thai police have arrested a 65-year-old South Korean man accused of leading an illegal loan syndicate that allegedly preyed on more than 9,000 workers and caused losses exceeding 355 million baht, as authorities say foreign suspects are increasingly being monitored in key expat hubs including Pattaya.
The arrest was made by the Consumer Protection Police Division (CPPD), which detained Mr. Tae Won Bae at a Korean language school in Khlong Luang, Pathum Thani, on Thursday.
Police said the suspect was wanted under a South Korean arrest warrant for violations of financial business registration and consumer protection laws, after allegedly operating an illegal lending network targeting migrant workers.
Investigators say the group charged extremely high interest rates of up to 154% per year, with victims exceeding 9,000 people and total damages estimated at more than 355 million baht.
The syndicate was previously dismantled in South Korea, where six members were arrested. However, the alleged mastermind fled and reportedly took refuge in Thailand while continuing to direct operations through his son abroad.
South Korean police in Busan coordinated with Interpol to issue a Red Notice, leading Thai authorities to track and arrest him after intelligence cooperation between both countries.
Officials said the case reflects strengthened international cooperation and Thailand’s ongoing efforts to prevent the country from becoming a safe haven for transnational criminals.
Authorities also noted that surveillance of foreign suspects has been tightened in major tourism and long-term foreign resident areas such as Pattaya, where law enforcement has increased monitoring of financial crimes and illegal business activity.
The suspect has reportedly confessed to being the person named in the warrant. Immigration authorities have revoked his permission to stay in Thailand, and he is being prepared for deportation to South Korea to face prosecution.
Police said the operation highlights strong coordination between Thai and international law enforcement agencies in tracking down high-profile fugitives.
