Illegal lending office in Songkhla smashed

Illegal lending office in Songkhla smashed

Police raid a house used as an office for operating illegal mortgage and money lending services in the southern province of Songkhla on Tuesday. (Photo supplied)
Police raid a house used as an office for operating illegal mortgage and money lending services in the southern province of Songkhla on Tuesday. (Photo supplied)

SONGKHLA: A woman was arrested for allegedly operating unlicensed mortgage and money lending services that charged an interest rate exceeding the legal limit, police said on Wednesday.

Armed with a warrant issued by the Songkhla Provincial Court, police on Tuesday raided a house in tambon Phawong, Muang district, after learning that the house had been used as an office for operating illegal mortgage and money lending services, said Pol Maj Gen Tiewtawat Nakhonsri, Provincial Police Region 9's investigation division chief.

The business had reportedly collected an interest of 5% per month, or 60% per year, while the legal limit is 15% per year.

Ruen Rachapol, who oversaw the business, was arrested. Six pickup trucks and four cars were impounded for further examination. Many mortgage and money lending contracts were seized.

Mrs Ruen, 59, was charged with illegal lending with interest rates exceeding legal limits and running unlicensed mortgage and personal loan lending operations.

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