iCloud loan sharks busted in Bangkok raid over 30% interest scam (video)
Police seized devices, iCloud documents, and ads in illegal loan bust
The Economic Crime Suppression Division (ECD) conducted a raid on an illegal loan company in Bangkok and Samut Prakan.
The company allegedly accepted iCloud accounts as collateral and locked devices if payments were missed. It had over 5,000 clients and charged interest rates of 30% per month.
The operation was led by Police Major General Thasanphumi Charuprachya, commander of the ECD, with Police Colonel Mekpisan Sripirom, superintendent 5 of the ECD, among others. The raids took place at offices in the Nuan Chan subdistrict, Bueng Kum district of Bangkok, as well as locations in Samut Prakan’s Mueang and Phra Pradaeng districts.
During the search, officers seized seven computers, three laptops, 13 mobile phones, a file of iCloud pledge documents, and advertising signs related to the iCloud pledging service.
Before the raid, complaints had been filed with the ECD about the company’s activities, which included issuing loans with illegally high interest rates by using iCloud accounts as collateral. The process involved borrowers having more than 500 Facebook friends and regularly posting or sharing content.
The company checked the model and battery percentage of the device to be pledged and provided a link for the borrower to submit personal information, including their name, ID card number, phone number, address, workplace, bank account number, IMEI, Apple ID, and password.
After signing the contract, borrowers could continue using their devices but had to pay interest of 30% monthly or 365% annually until the principal was repaid. If interest payments were more than three days late, a 100-baht daily late fee was charged, and if the delay exceeded seven days, the device would be locked. Unlocking the device incurred an additional fee.
Initial legal action has been taken against 38 year old Atthapol and 29 year old Prathana, an account manager, for operating a personal loan business without a licence and charging interest rates above the legal limit. Further, summonses will be issued to five company executives for similar charges, reported KhaoSod.
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