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Indian Man arrested for loan sharking

In Bangkok, an Indian national named Veejay was arrested by the Crime Suppression Division police for overstaying his visa by more than 5 years and engaging in illegal money lending with a steep monthly interest rate of 20%.

The 59-year-old man was reportedly riding a motorcycle around Lat Phrao district, providing loans to local vendors and residents. He was apprehended by officers on a Saturday while collecting money from a debtor at a retail store. During the arrest, authorities discovered cash and a notebook containing names and phone numbers in his possession.

Veejay faces charges for illegal money lending, operating an unauthorized personal loan business, and exceeding legal limits on loan interest rates. Thai law restricts personal loan interest rates to 15% per year. Veejay admitted to lending money to the store owner where he was caught, charging approximately 20% interest per month.

Additionally, it was revealed that Veejay had overstayed his visa by 2,076 days (equivalent to 5 years and 7 months). He arrived in Thailand in May 2018 on a tourist visa, which was initially extended until September 2018. However, he did not seek further extensions thereafter.

The penalty for overstaying a visa in Thailand is 500 baht per day, capped at a maximum of 20,000 baht. Veejay was taken to the Chokchai police station for further legal processing following his arrest.


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