Police seize loan sharks' assets worth 70 million baht

Discussion in 'Sisaket Area' started by gotlost, Oct 27, 2018.

  1. gotlost

    gotlost Surin Legend

    Police seize loan sharks' assets worth 70 million baht


    SI SA Ket, 26th October 2018 (NNT)-Acting Immigration Police Bureau Chief, Pol Maj Gen Surachet Hakpal , says assets worth 70 million baht have been seized during an operation to combat violent loan sharks in Si Sa Ket province.

    According to Pol Maj Gen Surachet , Thailand’s Action Taskforce for Information Technology Crime Suppression (Tactics) and a group of local Si Sa Ket police and soldiers raided homes of suspected mafia loan sharks in seven locations in Kantharalak , Muang and Rasisai districts after they were found to have been treating their debtors unfairly.

    Their assets, which were obtained illegally from their debtors, were also confiscated during the raids. These items are expected to be returned to the previous owners.

    Police are also collecting evidence of loan sharks’ mistreatment of their debtors in other provinces including Khon Kaen, Kalasin and Ubon Ratchathani before taking legal action. They will be charged with money laundering if sufficient evidence exists.

    Meanwhile, Deputy Prime Minister and Defense Minister Gen Prawit Wongsuwan is scheduled to preside over a ceremony to return land title deeds to people who are the victims of loan sharks. More than 7,700 land title deeds have been already been returned to the original owners since the operation to crackdown on mafia loan sharks began.

    -- nnt 2018-10-26
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  2. Coffee

    Coffee Surin Legend

    "Their assets, which were obtained illegally from their debtors" ...

    Excuse me
    ...the debtors couldn't obtain any money or loans from a legally-sanctioned credit or financial institution. So really where will these chronic debtors obtain their loans in the future ?
  3. Rice

    Rice Surin Legend

    The debtors really cannot win here. They repay their debt many times over and lose their collateral as the debt spirals out of control. With legal loans the progress of affairs is just some what slower.
    It is not the reason they cannot get loans at the legal shops it is because it is just so much easier to deal with the mob. That they deal with them.
    It is just that they are following the path of least resistance.
  4. gotlost

    gotlost Surin Legend

    Legal shops ala a bank will not loan unless you have a title. Most of these loans are on NON title land. What that article does not report is the other THOUSANDS of untitled homes and land that they hold.
  5. Coffee

    Coffee Surin Legend

    Seriously Rice, what do you think the amount is on an average "loan arrangement" ?

    The article states "assets worth 70 million bhat seized...in Si Sa Ket province."
    Hmm...7,000 'contracts' with loan outlay and payments around B10,000 ...or 3,500 contracts around B20,000 sound about right. Don't you think ?

    Now do you really believe any bank is going to start writing up the papers based on the collateral of a used scooter or parcel of land ? I don't.

    Caveat: I do know folks that have outlayed homes on the market worth millions for a loan at 1/3 their worth.
    Well you don't exactly require "a mafia" to handle fifty debtors...and why wouldn't those folks simply approach a bank with their house books ?

    Note: Al Jazeera made a 30-minute documentary on a Klong Toey loan shark and some of her debtors. Well worth watching Granny Loan Shark with subtitles.
    nomad97 likes this.
  6. georgefromcanada

    georgefromcanada Surin Legend

    An Aunt of Natty's built a house 4 years ago. She is a widow and the house took 2 years to build, the delays made the cost spiral. The house was then partially fiananced through loans fom a loanshark who kept the chanote as collateral. At the beginning of October she was forced from her home and it now sits vacant owned by the loan shark. The auntie was foolish to borrow from them and now is homeless, broke and starting over in her late 50's. These people should be hung and quartered if you ask me. The last round of arrests in Sisaket ( early October) a prominent business in the centre that sell school uniforms was raided, hundreds of deeds siezed. Greedy MF's that never have enough. Loan sharking is big in NYC as well Coffee, you must have heard of Fat Tony Salerno. Usury is the real name for it although the perjorative "Shylocking" is often a term that is heard.

    Feds take down Colombo and Gambino loansharks
    JUL 11, 2018 http://www.nydailynews.com/new-york...bino-colombo-loansharkers-20180711-story.html
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  7. Coffee

    Coffee Surin Legend

    George, I heard about that over the summer. I attended school with DiFalco. My dad wouldn't allow me to associate with him...or sister Antoinette (disappointed) for reasons I understood after high school.

    "Loan sharking" (usury) is illegal in the States.
    I'm not stating that I am pro-usury.
    I'm not stating that I am pro-criminal activity.

    This is Thailand. This is reality in this country with a huge economic class-divide.

    Why did Auntie require building her own home ? (Foolish isn't the word I'd use.)
    Who else stepped up to finance her or why didn't the extended family take her in and shelter her ?

    (I would like to read Natty's thoughts after you inquire.)
    nomad97 likes this.
  8. georgefromcanada

    georgefromcanada Surin Legend

    Auntie got screwed by the builder first, he took his sweet time building the house, 2 years to build a 150 m2 house. Auntie is a widow and recieves a pension as her husband was a policeman who was killed on duty in an accident. She has a useless son in his late teens who dabbles in the crazy drug , a user I believe but who really knows if that is all and a 10 year old she adopted. I understand she kept her loan a secret not wanting to lose face until it was too late. The chinese lender already had the chanote and called the loan. She lost her 2 million baht home. I was not here when it happened but got to watch the last supper live on Fb. Auntie has gone to Korat, broke was perhaps a stretch, she still gets her pension cheque from the RTP. A lot of Thai's only look at the payment and don't look at the interest or late penalties. Natty considers it to be bad luck, kind of like having a brain injury after a motorcycle accident when the rider didn 't wear a helmet. I believe it was preventable as she had a steady income and the land was titled.
    Coffee likes this.
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