Thai police dismantle illegal loan network backed by Chinese investors, seizing 3 billion baht in funds that were laundered through cryptocurrency.
Thai police have successfully dismantled a massive network of over 30 illegal loan applications backed by Chinese investment, which was found to be charging extortionate interest rates of up to 3,000 per cent per annum and routinely threatening debtors.
The Central Investigation Bureau (CIB), through its Economic Crime Suppression Division (ECD), launched an operation with coordinated raids on two premises in Bangkok and Udon Thani to take down the “Grey Capital” loan ring.
The network operated through numerous unauthorised apps, including primary platforms such as Vita Shelf, Sáp Plus, and Sin Chuea Meu Pro.