Picture: Daily News

Thailand's Immigration Bureau chief Lt-Gen Sompong Chingduang gave details of a latest bust of an online loan sharking operation. 

Police arrested eight Thai workers at a company in business premises in Ekachai Road, Mahachai district of Samut Sakhon south west of Bangkok. 

Dozens of computers, phones and simcards as well as accounts books were taken into evidence after complaints from a "Yoo Card" app user. 

Loans of 2000 -5000 baht were being offered on a weekly basis, reported Daily News.

If a customer wanted to borrow two thousand baht they were charged 39% at source so they got only 1,220 in their hand.

They were then charged 0.05% per day.

If they returned the money after a week they had to give back 2,007 baht.

The staff were being paid 15,000 baht a month to work there.

They handed money over to a Chinese man called Yang Ching. Two other Chinese are behind the operation and the media said they are believed to still be in Thailand.

Some 15,000 people were on the books with 10 million baht in circulation. 

Investigations continue. 

 

-- © Copyright Thai Visa News 2021-03-18

 

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39% ?? Ha , around here they charge around 5% per month but most sharks is 1% per day !! 

 

the Motorcycle dealers in some areas are just as bad and many people dont even realize (or care?) what they are actually being charged they just concentrate on the monthly payment value.

First rule of doing business in Thailand: Don't interfere with scams run by locals.

Thais working for Chinese Investors ? Just the norm isn't it ? 

19 hours ago, webfact said:

If a customer wanted to borrow two thousand baht they were charged 39% at source so they got only 1,220 in their hand.

They were then charged 0.05% per day.

If they returned the money after a week they had to give back 2,007 baht.

Seems like a good deal.... ????

19 hours ago, CharlieH said:

39% ?? Ha , around here they charge around 5% per month but most sharks is 1% per day !! 

My area it's 20% on the borrowed amount, repayable each day for 30 days.