BANGKOK, THAILAND – Thai police dismantled a Chinese-backed illegal loan app network that allegedly charged up to 3,000% interest and laundered billions of baht.
Chinese-backed loan network dismantled
The Thai police broke up a network of illegal credit apps that lured unsuspecting customers into debt with interest rates of up to 3,000 percent. Investigators seized 3 billion baht in assets, equivalent to more than 75 million euros.
Dozens of apps tied to Grey Capital
More than 30 different apps, including Vita Shelf and Sáp Plus, were uncovered and linked to the organised group known as “Grey Capital”.
“Not only were the interest rates criminal, the group relied on aggressive intimidation,”
said a police spokesman.
Intimidation and data-driven extortion
Borrowers who failed to pay on time were publicly shamed and threatened. The apps accessed victims’ private mobile phone data, which formed the basis for systematic extortion.
Coordinated raids in Bangkok and Udon Thani
The Economic Crime Suppression Division (ECD) launched simultaneous operations in two provinces. During coordinated raids in Bangkok and Udon Thani, all ten wanted suspects were arrested.
The police searched two properties suspected of hosting the criminal operations.
“This was a perfectly planned operation against organised crime,”
said a senior investigator.
Debt trap through ultra-high interest
The scheme allegedly relied on apps that promised fast loans without cumbersome formalities. Once users signed up, the loan sharks moved in.
Annual interest rates of up to 3,000 percent made repayment virtually impossible. The system was designed to push victims into an endless spiral of debt.
Police issue warning over predatory apps
Police now issued a strong warning to all citizens about such dubious credit offers.
“Never grant apps access to your private data!”
said the police.
Money laundering through crypto and bank accounts
Investigators uncovered a sophisticated money-laundering structure behind the loan business. More than ten bank accounts were involved in the illegal operations.
“The profits were diverted to accounts of Chinese nationals and converted into cryptocurrencies,”
said an investigator. This method was intended to obscure the origin of the funds, but police were able to trace the flows back to their source.
Victims targeted with relentless pressure
According to the findings, the perpetrators showed no limits in their methods. When payments were overdue, they resorted to particularly malicious tactics.
They threatened debtors and published their personal data, causing many victims to pay out of sheer fear.
“This criminal energy is unprecedented,”
said an expert in economic crime, adding that the psychological consequences for those affected were enormous.
Part of wider push against organised crime
The blow against the Grey Capital gang formed part of a broader offensive. Thailand intensified its efforts to combat international criminal networks.
The confiscated 3 billion baht represented a substantial sum now denied to the organisation, sending what authorities described as a clear signal to other loan sharks. Police announced they would continue investigations, saying further arrests and seizures could not be ruled out.