Thai CIB crackdown reveals 500 million baht online loan scam

The Central Investigation Bureau (CIB) has launched the CIB Anti Online Scam, a crackdown operation against a ruthless online loan scheme that has been running through various mobile applications. The operation, which took place at 11am today, led to the arrest of two key suspects and the discovery of more than 500 million baht in circulation.

CIB’s operation took place across 23 locations in 10 provinces, including Bangkok, Nonthaburi, Chon Buri, Pathum Thani, Nakhon Ratchasima, Prachinburi, Ayutthaya, Samut Prakan, Chumphon, and Trang. The operation resulted in the arrest of 13 individuals, including two key operatives, 37 year old Yuwathida, and 37 year old Veerayut, stated CIB officials.

“These suspects were clandestinely offering loans or lending money outside the system through various online applications.”

Those interested in borrowing money were required to register and activate the loan applications, which allowed the suspects to access personal data on the borrowers’ mobile phones.

After completing the registration process, borrowers only received 55% of the total loan amount but were required to repay the full amount within six days. This equates to an interest rate of 7.5% per day, 225% per month, or 2,737.5% per year. Some borrowers even found unexpected amounts transferred to their accounts, which they were then forced to repay with additional interest, reported KhaoSod.

CIB officials further revealed that if any borrower failed to repay the borrowed amount, they would be subjected to abusive phone calls, threats, and harassment. Their contacts, including parents, siblings, colleagues, and friends, would also be contacted, causing significant distress to the victims.

The investigation revealed a systematic operation with over 100 bank accounts involved in the money transfers. The money was circulated through more than 30 accounts under the same name and transferred to over 50 different bank accounts in Thailand. These accounts were under the names of Russian, Burmese, Chinese, and Thai nationals. The operation revealed more than 500 million baht in circulation.

Despite the suspects denying the charges, the CIB officials have turned them over to the criminal investigation department for further legal proceedings.

The loan platforms, mainly unlawful applications developed in China, were purchased by these investors for their businesses. Among the discovered applications are Rich Loan, PleasantSheep, SummerCash, FortuneCat, GoldenTiger, FastCash, OrangeCash, GoldenFlower, and MemoryLoan.