True Cash Pro an illegal loan application has been operating in Thailand using funds from foreign investors. Police have found the operation center and have frozen over 22 Million THB in the accounts. There are ten thousands of debtors who have borrowed money from the True Cash Pro Application. Police Lieutenant General Piya Uthayo from the Royal Thai Police reported the arrest of a group of suspects related to a loan shark application named “True Cash Pro”. The application allows users to borrow money with illegal interest rates. Those interested in a loan must download the application onto their phones.
Investigation reveals that True Cash Flow is driven by foreign investors with revolving funds of about 100 Million THB per month. The application has at least 10 bank accounts and the business has moved its base 3-4 times in the past month to avoid attention from the police. The application has hired a debt collection service company located in Chokchai 4, Bangkok. About 5,000 names are sent to the company every month with a payment of 580 THB per person if the company is able to collect the debt. There are many Chinese citizens connected to the application. Crime Suppression Division (CSD) officials collected evidence to request 7 arrest warrants from the Bangkok North Municipal Court. This includes the names of 2 juristic persons with evidence tying them to the application. A total of 31 bank accounts belonging to 6 banks have been frozen in relation to True Cash Pro, with funds over 22 Million THB.
A victim of the application stated that they found out about the loan application through a link online. The first loan made was for 2,500 THB, a deduction was applied and 2,000 THB was transferred into the account. After paying off the first loan, the victim made a second loan for a higher amount. He didn’t pay back in time and shortly after the victim received a phone call with threats. People in the contact list on the victim’s phone were sent messages about the loan, this was intended to cause shame for the victim. He decided to go file a report with the police about the loan shark application. The police are planning to arrest more suspects as the investigation has revealed more businesses operating in a similar manner.
FB Caption: Investigation reveals that True Cash Flow is driven by foreign investors with revolving funds of about 100 Million THB per month.
Source: INN News