Indian man arrested in Phichit for overstaying visa, providing illegal loans

[webfact]

Indian man arrested for overstaying visa, providing illegal loans

By The Nation

 

FILE photo

 

An Indian man was arrested in Phichit's Muang district on Thursday morning for overstaying his visa and for allegedly providing loans with interest rates higher than the legal limit.

 

Rakesh Yadav, 21, was arrested by immigration police and officials from other agencies inside a petrol station in Tambon Tha Luang early on Thursday while he was allegedly trying to collect interest from vendors at the station.

 

Police found that his visa had expired in late February.

 

Police seized Bt3,538 cash from him and a book with a list of his debtors.

 

Yadav charged interest rates at 20 per cent per day, which is higher than the legal limit, police said.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30357146

 

-- © Copyright The Nation 2018-10-25

[Vacuum]

4 minutes ago, webfact said:

Yadav charged interest rates at 20 per cent per day

Think he should consider himself lucky to get arrested. The local sharks would sooner or later had 'eliminated his business'.

[bluesofa]

I always thought the loans sharks charged 20 percent per month?

How desperate can someone be to pay that amount daily? Unless of course they had no idea how much interest they were paying?

[geriatrickid]

10 minutes ago, bluesofa said:

I always thought the loans sharks charged 20 percent per month?

How desperate can someone be to pay that amount daily? Unless of course they had no idea how much interest they were paying?

I doubt it. Slime like him lend to Indians who the Thais won't lend to.

[Esso49]

Should have known that loan sharking is a Thai reserved occupation.

[HappyAndRich]

Indian loan shark? Never heard about them.

[natway09]

There are thousands of them around. Just about every tailor shop has a story to tell, one I know said he sold 160 + suits one month. I walk past at least 6 times a day & never seen anyone in there 

[StefanBBK]

4 hours ago, Vacuum said:

Think he should consider himself lucky to get arrested. The local sharks would sooner or later had 'eliminated his business'.

The going rate is: borrow 10,000 and pay every day 400 for a month, or so I heard. I think the report got it wrong. 

In my area all the business appears to be handled by Indians... not sure if locals are behind it though.  

[jgarbo]

5 hours ago, Vacuum said:

Think he should consider himself lucky to get arrested. The local sharks would sooner or later had 'eliminated his business'.

Not 20% per day, flat rate for loan, usually handled  by Namdhari Sikhs (white cloth turbans). I know a few. After hearing their stories, they earn their interest. They lend to motorcycle taxi guys, very nasty. Even Chinese won't touch them - no collateral.

[RichardColeman]

That;s the way, borrow a huge sum of money from an illegal shark and then dob him to the police so you get money for free !

[jgarbo]

1 minute ago, RichardColeman said:

That;s the way, borrow a huge sum of money from an illegal shark and then dob him to the police so you get money for free !

Maybe, but the police then get the "reward" but the Sikh has more friends. It'll work out. Was it Thai Namdharis who didn't like an interloper?

[Burma Bill]

26 minutes ago, RichardColeman said:

That;s the way, borrow a huge sum of money from an illegal shark and then dob him to the police so you get money for free !

I see he is only 21 - a lot to learn yet in LOS!

[zzaa09]

8 hours ago, bluesofa said:

I always thought the loans sharks charged 20 percent per month?

How desperate can someone be to pay that amount daily? Unless of course they had no idea how much interest they were paying?

Or, unless their local friendly loan shark is a close loving Uncle, in which discounts and a laissez faire attitude might apply..

 

[EVENKEEL]

In my Navy days the rate was $30. for $20. due on pay day, 50% interest.