Thai police have detained a South Korean national suspected of orchestrating an illegal lending syndicate that allegedly defrauded more than 9,000 people of over 355 million baht. The man is believed to have fled to Thailand in an attempt to avoid prosecution.
Officers from the Consumer Protection Police Division arrested 65-year-old Tae Won Bae outside a Korean language school in Khlong Luang district, Pathum Thani, according to Central Investigation Bureau commissioner Pol Lt Gen Natthasak Chaowanasai, who confirmed the operation on Friday.
Bae was the subject of an arrest warrant issued by South Korean authorities, who accuse him of breaching regulations related to credit business registration and financial consumer protection.
The case stems from an investigation in Busan, where police uncovered an illegal loan operation allegedly run by Bae and his son.
The group is accused of targeting migrant workers seeking overseas employment, imposing excessive interest rates reaching as high as 154% annually—far above legal limits in South Korea.
Authorities estimate that the scheme impacted more than 9,000 victims, with total financial losses surpassing 355 million baht.
Investigators identified six individuals linked to the network, all of whom have since been arrested and prosecuted.
Bae is believed to have been the key figure behind the operation. Following the crackdown, he reportedly fled to Thailand, leaving the business in the hands of his son.
Subsequently, Busan police worked with Interpol to secure a Red Notice, enabling international efforts to locate and arrest him.
During police questioning in Thailand, Bae acknowledged his identity as the individual named in the South Korean warrant. Officials have since cancelled his visa and are arranging his deportation to face charges in his home country.
