A 37-year-old man who had only recently been released from prison has been arrested for operating an illegal money-lending business that charged borrowers exorbitant annual interest rates of up to 3,400 percent. Officers from the Economic Crime Suppression Division (ECD) confirmed the arrest on Sunday, highlighting the growing concern over app-based loan shark operations in Thailand.
The suspect, identified as Narin Boon-me, was apprehended on a roadside in Bang Pa-in district of Phra Nakhon Si Ayutthaya on Saturday. His arrest was made under a warrant issued by the Minburi Criminal Court on charges of colluding in providing personal loan services without a license and imposing interest rates far above the legal limit.
According to Pol Maj Gen Tatpoom Jaruprach, the chief of the ECD, the case against Narin stemmed from multiple complaints filed in late 2024. Victims reported to the government’s centre for the prevention of informal debt crimes that they had fallen prey to a digital lending platform known as “New Wallet.”
The platform required borrowers to consent to the app’s access to personal data, including contacts and photos, before granting loans. Borrowers were also forced to pay various “processing” and “documentation” fees, which increased the financial burden. Payments were structured so that interest had to be paid daily through online banking transfers, which added up to an annualized rate of about 3,400 percent.
For those who missed payments, the consequences were intimidating and humiliating. Victims reported that debt collectors contacted not only them but also their family members, friends, and colleagues, causing significant embarrassment and emotional distress. This method of harassment is a common tactic used by illegal moneylenders to pressure borrowers into making payments they cannot afford.
Investigators are pursuing additional suspects connected with the New Wallet app. Several arrest warrants have been issued for others believed to have been involved in running the operation. Authorities believe the group behind the app targeted vulnerable borrowers who had limited access to formal banking and credit services, exploiting financial desperation for profit.
A criminal background check revealed that Narin was no stranger to the justice system. His record includes multiple convictions related to the use, production, and distribution of illegal narcotics, along with six other offences. He had been recently released from prison before allegedly resuming unlawful activities through this new loan scheme.
During questioning, Narin reportedly confessed to all charges brought against him. Authorities are now working to shut down the New Wallet app and trace the financial network behind the operation, which may involve a wider syndicate.
Police have urged the public to avoid borrowing from unauthorized lending apps and to report suspicious activities to the ECD. The case underscores the dangers of unregulated financial services and the devastating impact they can have on vulnerable individuals, many of whom turn to such platforms out of desperation.
The investigation remains ongoing, with authorities vowing to crack down on similar illegal financial schemes that prey on struggling citizens.
