Online loan sharks nabbed

Online loan sharks nabbed

Chon Buri police have on Sunday arrested five Chinese nationals who allegedly operated a loan shark business via a mobile app, with over 100 million baht circulated, police said yesterday.

Police identified them as Yao Xiandong, Wang Qiurui, Yu Zhezang, Lang Zhu and Song Songzhu, who were arrested in Pattaya for running the operation on the True Cash Pro mobile app.

Law enforcement agents confiscated 11 notebooks, 11 desktop computers and 35 mobile phones they reportedly used to accumulate 10,000 borrowers, according to Pol Lt Gen Piya Uthayo, assistant to the national police chief.

Pol Lt Gen Piya also oversees the Centre for Informal Debt Suppression under the Royal Thai Police (RTP).

Police also pressed charges against the True Fintech and Elite Membership companies for colluding to operate a personal loan business without permission.

The two companies are also accused of overcharging interest rates.

According to Pol Col Phadon Chandon, superintendent of the Economic Crime Suppression's Subdivision 5, if the borrowers were late in paying their debt, operators would use debt collectors.

Police found the app could have foreign backers as more than a 100 million baht was circulated.

Police will also charge a Bangkok collection agent for allegedly being involved in the operation.

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