Officials have taken down a group responsible for running an online loan shark application. The application charges extremely high-interest rates with circulating funds of 500 million THB. The Central Investigation Bureau Thailand (CIB) started an operation called “CIB Anti Online Scam”. Police Lieutenant General Jirapop Puridej along with related officials reported the results of the operation on 15 November 2023. The operation led police to inspect 23 locations in 10 provinces. This includes Bangkok, Nonthaburi, Chonburi, Pathum Thani, Nakhon Ratchasima, Prachin Buri, Ayutthaya, Samut Prakan, Chumphon, and Trang Province.
Police arrested 13 suspects in the operation, out of this number 2 suspects are the persons responsible for giving orders. Yuwathida 37 years old and and Weerayut 37 years old. The suspects are wanted by arrest warrants issued by the criminal court. The suspects are facing charges relating to online fraud, illegal loans, illegal interest rates, threatening and dangerous behavior towards loanees, and involvement in international crime. 11 suspects are facing charges as money mules. Police have also seized evidence including bank books, phones, computers, tablets, and other electrical devices totaling 52 items.
These suspects created online applications for loans. These are not legal loans and come at very high interest rates. Persons who are interested must register into the system. This registration not only asks for personal details but give the application direct access to the loanees phone. This is contacts, photos, camera, GPS location, and microphone. Personal information the application ask includes name, address, work details, important contacts, bank account info, ID card, and more. The loanees are then given just 55% of the loan amount, but they must pay back the full loan amount within 6 days. If this deadline is not met, then the interest is at 225% per month.
FB Caption: The loanees are not given the full loan amount but are forced to pay back the full amount within 6 days. The interest rates are at 225% per month.