Indian arrested in Thailand for overstaying visa offering illegal loans

A 21-year-old Indian man has been arrested in Thailand on Thursday for overstaying his visa and for allegedly providing loans with interest rates higher than the legal limit, according to a media report. Rakesh Yadav, was arrested by immigration police and officials from other agencies inside a petrol station in Phichit’s Muang district while he was allegedly trying to collect interest from vendors at the station, The Nation daily reported. Police found that his visa had expired in late February. Police seized Thai baht 3,538 from him and a book with a list of his debtors. Yadav charged interest rates at 20 per cent per day, which is higher than the legal limit, police said.