'Loan sharks' had seized 163 vehiclesPHITSANULOK: Police have arrested four men on suspicion of charging exorbitant interest on loans and impounded 163 vehicles they are said to have kept as collateral. One of the vehicles had been reported stolen in Malaysia. Pol Lt Gen Jirabhop said the suspected loan shark illegally charged 10% monthly interest and kept the vehicles as collateral. The lender forced debtors to sign ownership transfer agreements, with the group having run the scam, with a turnover that had hit nearly 50 million baht, since early last year, Pol Lt Gen Jirabhop said. The 163 impounded vehicles included a car reportedly stolen in Malaysia, two vehicles with fake licence plates and two with forged ownership documents, he said.

Source: Bangkok Post October 30, 2021 01:39 UTC