PATHUM THANI - Police have arrested the alleged leader of a South Korean illegal lending network accused of defrauding more than 9,000 victims out of over 355 million baht, after he fled to Thailand to evade prosecution.
Officers from the Consumer Protection Police Division apprehended Tae Won Bae, 65, in front of a Korean language school in Khlong Luang district of Pathum Thani, Central Investigation Bureau (CIB) commissioner Pol Lt Gen Natthasak Chaowanasai said on Friday.
The suspect was wanted on a warrant issued by South Korean authorities for violating laws governing credit business registration and financial consumer protection.
The arrest followed an investigation by police in Busan city that dismantled an illegal lending operation run by Bae and his son. The network targeted migrant workers travelling abroad for employment, charging exorbitant interest rates of up to 154% per year, in violation of South Korean law.
Authorities said more than 9,000 victims were affected, with total damages exceeding 355 million baht.
Investigators identified six members of the network, all of whom have been arrested and prosecuted. Bae was believed to be the mastermind. After the crackdown, he fled to Thailand and left operations in South Korea to his son.
Busan police later coordinated with Interpol to issue a Red Notice for his arrest.
During questioning, Bae admitted that he was the person named in the South Korean arrest warrant. Authorities have revoked his visa and are preparing to deport him to face legal action back home.
