Nineteen members of the notorious loan sharks gang have been arrested in Surin for charging over 300 percent interest rate per year from poor debtors.
The loan sharks gang known as ‘helmet gang’ preys on people in the northeastern province, making profits from interest and seizing properties that borrowers place as collateral.
Police said borrowers from three districts had been harassed by the gang.
After arresting the 19 gang members, police also confiscated 10 vehicles, dozens of mobile phones, loan contracts and cash worth around 600,000 baht.
Thai police and law enforcement agencies have tried to ease the plight of debtors who have fallen victim to loan sharks for years.
In some cases, the debtors settle their debts with moneylenders while many others get their properties back from loan sharks who charge higher interest rates.(TNA)
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