Chinese loan shark network busted in Bangkok in major operation

Cyber police launched operation ‘Shutdown Fake Loan‘ to dismantle an online Chinese loan shark network, conducting raids at three locations, including a luxury condominium in Bangkok‘s heart. The key figure behind this scheme, a Chinese woman, had been arrested a day earlier at Suvarnabhumi Airport.

The cyber police initiated the operation ‘Shutdown Fake Loan’ to disrupt the operations of an online loan shark network linked with Chinese fund agents. Three locations were searched, including a luxurious condominium in central Bangkok, where the main suspect, a Chinese woman, was residing. She was arrested a day before at Suvarnabhumi Airport while preparing to flee the country. The woman played a crucial role as the main agent for several transactions within the network, KhaoSod reported.

This operation followed the arrest of more than 52 suspects in late April by the Special Operations Police. Over 400 victims were targeted by the network, which lured them to borrow money through websites and text message links. The scheme enticed victims with high credit limits, low-interest rates, fast approvals, and minimal requirements. Victims were then instructed to add a line contact and install a loan application. Although victims were promised they would receive the requested loans, further conditions were later imposed. These included deposit payments, insurance policies, advanced payments for instalments, or other fees linked to credit- or password-related withdrawal fees.

Once victims had transferred money, however, they did not receive any loan funds as promised. Believing they had fallen victim to scams, they filed complaints through the online reporting system, leading to police investigations to track down the perpetrators. The police reported that today at 2pm, various police officials are scheduled to announce the results of the operation at the Special Operations Police headquarters in Government Complex Chaeng Watthana.

Last month in Pattaya, two members of a loan shark gang turned themselves into the cops after they threatened a freelance reporter. Read the story HERE.