Picture: Daily News

Thailand's technology police armed with a search warrant went to the offices of GW Service Co Ltd on the fifth floor of Forum Tower on Ratchada Phisek Road in Huay Kwang, Bangkok yesterday. 

The company is alleged to be involved in using an application called "Easy Money" available on Playstore for purposes of loan sharking.

Ten staff were told to stop working and 30 computer sets and 28 phones were taken into evidence. The staff were taken away to tech police HQ for questioning.

Pol Maj-Gen Phanumas Bunyalak said that loans were given that effectively charged 38% interest.

Picture: Daily News

If a client wanted to borrow 2,500 baht they were given just 1,550 with a 950 baht "service fee". 

Further conditions applied and if repayments were not made within seven days penalties of 100-200 baht a day were imposed.

Third parties who had been listed as guarantors were contacted to effect repayment.

Illegal data collection was also being practiced. 

The company had only been in operation for a couple of months and already had 1,000 clients. 

Investigations continue into what Daily News called loan sharking with "cruel" interest rates. 

 

-- © Copyright Thai Visa News 2021-03-16

 

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is that called racketeering?

 

Stepping on police toes the fools ????

an application called "Easy Money" 

 

Also called "hansum farang"