Picture courtesy of Khoasod.

 

Police have raided three companies in Bangkok and Pathum Thani accused of running an illegal loan operation disguised as an “iCloud pawn” business, with more than 2,000 debtors and cash flow exceeding ฿10 million.

 

The operation, codenamed “iLockdown Phase 2”, was led on 16 August, by Pol Col Mekpisal Sriphirom, commander of Division 5, Economic Crime Suppression Division (ECD), along with senior officers. Raids were carried out at:

 

• Sathonik Co. Ltd. in Sathorn, Bangkok

• Apple Exchange in Thonglor, Bangkok

• Satoshi Gold Co. Ltd. in Khlong Luang, Pathum Thani

 

Three suspects, aged 27, 41 and 45, were arrested and charged with operating an unauthorised personal loan business and charging interest above the legal limit. Police seized computers, mobile phones, loan documents and bank books as evidence.

 

According to investigators, the companies lured borrowers into signing contracts online, requiring them to provide personal details including ID card numbers, bank accounts and current addresses. Crucially, debtors were forced to register their mobile phones under the company’s iCloud account, allowing operators to track their location, monitor activity and remotely lock the devices if payments were late.

 

Borrowers were charged an extortionate annual interest rate of 270%, with penalties of ฿100 per day for late repayment. If a debtor missed payments for more than seven days, their phone was locked, and an additional unlocking fee was demanded.

 

The scheme effectively trapped thousands of borrowers, many of whom relied on their phones for work and daily life.

 

Police said the investigation began after complaints from victims, leading to intelligence on several businesses operating under this model. The earlier Operation iLockdown Phase 1 had already dismantled a similar racket, prompting authorities to expand the crackdown.

 

The suspects and evidence have been handed over to investigators at the Economic Crime Suppression Division for further legal proceedings.

 

Authorities urged the public to remain cautious of online loan offers requiring digital device access or suspicious conditions, stressing that such practices are illegal and exploitative.

 

 

  Adapted by Asean Now from Khaosod 2025-08-17

 

 

 

Those desperate for money will always be desperate enough to use these services