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Police Arrest Chinese Loan Shark With Online Lending Business

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Police Arrest Chinese Loan Shark With Online Lending Business

Thai police have arrested a Chinese man for allegedly running an illegal online lending business. By charging exorbitant interest rates, he generated more than 40 million baht in three months.

On Tuesday, the Metropolitan Police Bureau (MPB) announced the arrest of Jia Liew. Pol Lt Gen Samran Nuanma, the MPB commissioner, said he was captured at the condominium in Huai Khwang earlier.

According to the commissioner, Jia told police he managed several online lending businesses, including Cash and Go. Moreover, he hired people to open bank accounts so as to send loans to customers and handle related transactions.

The interest rate on the loans was 234% annually. Those who couldn’t or weren’t willing to repay the debts were reportedly harassed and humiliated.

According to the suspect, he converted online lending business revenue into digital or cryptocurrency and wired it to a Chinese financier overseas. Among the charges against him are operating an online lending business without permission and threatening, harming, or damaging others’ property.

Thai authorities arrested him as part of an investigation into illegal app-based loans operated by gangs charging exorbitant interest rates and using standover tactics to collect debts.

A total of 20,000 people have complained about being victimized by online loan sharks.

The illegal money lending apps are in violation of several laws, including setting up financial institutions without permission, public fraud, extortion, and putting false information into digital systems.

Department of Special Investigation said it would collect complaints filed with the police, and the Anti-Money Laundering Office would work with the department to seize the assets of those involved in the illegal money lending apps.

Over 300 money lending apps are being used, charging exorbitant interest rates, according to an initial investigation.

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