Finance Ministry to step up loan shark eradication measures

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BANGKOK, 8 May 2014, -The Finance Ministry has instructed the Revenue Department to urgently inspect loan shark operations, particularly those placing advertisements on social media. 

The Finance Permanent Secretary, Rangsan Sriworasart, insists officials take legal action against the illegal money lenders when found to be evading taxes, suggesting that their bank statements be inspected.

He said the Ministry has closely followed the issue, saying that the advent of social media had enabled more personal advertising of the foul operation to the public, concluding that the authorities too must adjust their strategies to eradicate the illicit business practice.

The Permanent Secretary said his ministry has appointed the Fiscal Policy Office to study and formulate appropriate debt reduction measures, in their bid to eliminate debts to loan sharks.

Meanwhile, Mr. Chanachai Prayoonsin, Director of the Public Monetary System Development Policy Office, stated several complaints have been made regarding loan scams as a form of investment fraud, along with operations featuring financial pyramid schemes. He expressed his concern that such swindles are on the rise, while urging the public to arm themselves with knowledge to combat such wicked practices.