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Indian arrested for overstaying visa, illegal loans in Thailand

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Bangkok, Oct 25 (UITV/IANS) -  An Indian man was arrested in Thailand's Phichit province on Thursday for overstaying his visa and for allegedly providing loans with interest rates higher than the legal limit.

Rakesh Yadav, 21, was arrested by the immigration police and officials from other agencies inside a petrol station in Tambon Tha Luang while he was allegedly trying to collect interest from vendors at the station, the Nation daily reported citing the police.

Police officials said they found that Yadav's visa had expired in late February and seized 3,538 bahts as well as a book with a list of his debtors.

He charged interest rates at 20 per cent per day, which is higher than the legal limit, the police said.