440 million baht illegal on-line lending operation busted

An unlawful lending enterprise that raked in over 40 million baht in just three months by gouging folks in determined financial want with high-interest charges has been broken up. A Chinese man was arrested in Bangkok for running the mortgage shark operation online.
The man identified by the Metropolitan Police Bureau as Jia Liew was arrested in Huai Khwang in a condo unit based on ta press briefing held yesterday. The MPB commissioner stated the Chinese man confessed to operating a couple of online lending apps including one known as Cash and Go that charged excessive rates of interest to needy prospects.
Incredibly were charged up to 234% curiosity per thirty days for the loans and people unable to repay had been hounded with harassment and humiliation. Meanwhile, Jia raked in money so shortly that he hired individuals to handle the loans and transactions and open bank accounts to find a way to move the money.
The Chinese man appeared to be working with worldwide monetary backers supplying the capital for the predatory lending. He collected all of the earnings generated from the high-interest price loans and convert the cash into cryptocurrency or digital property and switch these belongings to the Chinese financiers.
The man has now been charged with working a private mortgage enterprise without permission in addition to threatening to harm others, damaging others’ property, and harming others..

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