Three men were arrested in Ayutthaya's Uthai district by Economic Crime Suppression police for allegedly running a loan-sharking operation that charged interest rates as high as 626% annually.
Nattapong, 36, Winet, 28, and Teerawut, 34, were nabbed under a court-approved warrant on charges of operating a personal loan business without a permit and demanding excessive interest. Police seized computers, mobile phones, bank books and loan-related documents.
The arrests followed a complaint about a loan-shark business in the province which charged interest of 1.715% per day until the principal money was fully repaid.
Most clients were small-time vendors with cash flow problems and the borrowers who failed to make payments were harassed at their homes and workplaces. Police said they estimated the gang's cash flow at more than 30 million baht.