Chinese man arrested in online loan sharking swindle - borrow 4K but get just 2,600 baht!

 

Picture: Daily News

 

The tech arm of Thailand's Department of Special Investigations announced they had raided two business sites in Bangkok and arrested a Chinese national who was working on an application offering easy but high interest loans. 

 

Bin Luy, 35 was charged with conspiracy and loan sharking. 

 

A big foreign investor is believed to be behind the operation that had links to Line and Facebook. 

 

The deal offered to loanees was a very poor one - Daily News reported that if someone borrowed 4,000 baht they would only get 2,600 baht. 

 

They would still have to pay interest on that before returning 4,000 baht  within 14 days. 

 

If they failed to meet the two week deadline they would be charged 400-600 baht a DAY in more interest.

 

The application sucked customers in by fraudulently using a reputable company's name. Once convinced other names were used. 

 

Fifteen accounts suggested that as much as 1.5 billion baht was being turned over. 

 

The case involves threats made to people and guarantors and resulted in some borrowers losing their jobs. 

 

Source: Daily News

 

-- © Copyright Thai Visa News 2021-01-15

 

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