The Department of Special Investigation (DSI) dismantled a major online loan shark gang in Chai Nat province, imposing an exorbitant 2,000% annual interest rate and enforcing a 7-day repayment deadline.

 

The operation unveiled a network of over 80 online loan apps, circulating billions of baht, with backers expected to face legal repercussions, reported Daily News.

 

In Case No. 55/2566, DSI probed into online personal loan apps like "Best Loan" and "Easy Baht – Quick Credit," uncovering unauthorized loan dispersals online. Moreover, over 80 related apps were found, charging an interest rate of 2,339.65% per year and demanding repayment within a week. Non-compliance led to harassment by debt collectors, inducing fear among borrowers.

 

Picture: Daily News

 

DSI, alongside legal authorities and Chai Nat police, conducted raids at two locations linked to the suspects, seizing crucial evidence including mobile phones, bank account ledgers, and a circulating fund of 2 billion baht.

 

Notably, suspicions arose regarding cryptocurrency conversions, suggesting deeper financial manipulation.

 

Picture: Daily News

 

DSI Deputy Director, Major General Yutthana Praedam, affirmed the ongoing investigation, emphasizing the need to probe into the suspects' financial backers.

 

Pending charges will follow comprehensive examinations of seized evidence, aiming to ensure justice for victims of this predatory lending scheme.

 

TOP Picture: Daily News

 

-- ASEAN NOW 2024-04-05

 

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And they want casinos, Bring in Big Joke I'm sure he can sort it out, OH I forgot something, never mind.

5 hours ago, webfact said:

Notably, suspicions arose regarding cryptocurrency conversions, suggesting deeper financial manipulation.

 

1 hour ago, brianthainess said:

And they want casinos, Bring in Big Joke I'm sure he can sort it out, OH I forgot something, never mind.

 

Yes the casinos will open up a whole new world of corruption, governors and police generals will have already placed orders for BMW's and Mercedes, Loan sharks will be patrolling the casino lobby.

7 hours ago, webfact said:

The Department of Special Investigation (DSI) dismantled a major online loan shark gang in Chai Nat province, imposing an exorbitant 2,000% annual interest rate and enforcing a 7-day repayment deadline.

There's got to be a batter word for them than just "sharks" 

only 1000x more what the bank give for savings, gross

12 hours ago, soalbundy said:

Yes the casinos will open up a whole new world of corruption, governors and police generals will have already placed orders for BMW's and Mercedes, Loan sharks will be patrolling the casino lobby.

Why there are already casino's in Bkk and quite possibly other provinces. I'm not talking about the mom and pop types but real gaming floors. Those are the ones run by ............ brown and green etc.

There are likely psychiatrists that specialize in dealing with patients who took loans from sharks that charge 200% monthly interestn. Anyone agreeing to a loan like this has got to have their head examined or has got to be an extreme desperado. 

14 hours ago, brianthainess said:

And they want casinos, Bring in Big Joke I'm sure he can sort it out, OH I forgot something, never mind.

 

I wouldn't be surprised if he was running one of these operations, that's how crooked he is.