Five Chinese nationals were arrested in Pattaya for running a loan shark business using the “True Cash Pro” mobile application. Police say more than 100 million baht per month was circulated via the unlicensed loans.
The arrests followed numerous complaints from people who used the application. Complaints included high interest on personal loans, harassment, and the use of debt collectors for late payments.
After receiving the complaints, the police opened an investigation and tracked down the operation to a building in Pattaya.
The building was raided on Sunday, where police discovered five Chinese nationals who are accused of running the operation.
They were identified as Yao Xiandong, Wang Qiurui, Yu Zhezang, Lang Zhu, and Song Songzhu.
Officials also discovered 11 notebooks, 11 desktop computers, and 35 mobile phones in the building. All items have been confiscated as evidence.
According to Pol Lt Gen Piya Uthayo, Assistant to the National Police Chief, the operation accumulated approximately 10,000 borrowers.
Police are now seeking a warrant against a debt collecting agency based in Bangkok, who was contracted by the “True Cash Pro” application. The company reportedly aggressively collected payments from customers for a fee of 580 baht per client.
Charges are also being filed against the True Fintech and Elite Membership companies, which are accused of overcharging interest rates and colluding to operate a personal loan business without permission.
Six bank account were also seized in the operation with deposits totaling more than 22 million baht.