40million baht illegal online loan operation halted


An illegal loan company that raked in over 40 million baht in just 3 months by scamming desperate people with high interest rates has been dismantled. A Chinese man was arrested in Bangkok for carrying out an online loan shark operation.

The man identified by the Metropolitan Police Bureau as Jia Liew was arrested in Huai Khwang in a condominium unit, according to a press briefing yesterday. The MPB commissioner said the Chinese had confessed to using a few online lending apps, including one called Cash and Go, which charged excessive interest rates to needy customers.

Borrowers were required to pay up to 234% interest per month for loans and those who were unable to repay were harassed and humiliated. During this time, Jia accumulated money so quickly that he hired people to handle loans and transactions and to open bank accounts in order to transfer the money.

The Chinese appeared to be working with international lenders providing the capital for the predatory loans. He collected all the income generated from the high interest rate loans and converted the money into cryptocurrency or digital assets and transferred those assets to Chinese financiers.

The man has now been charged with running a personal loan business without authorization as well as threatening to harm others, damage other people’s property and harm others.

SOURCE: Bangkok Post

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David A. Albanese