A Chinese man has been arrested in Bangkok for allegedly running an illegal online lending business that generated over 40 million baht in three months by charging exorbitant interest rates.
The Metropolitan Police Bureau (MPB) announced the arrest of Jia Liew at a press briefing on Tuesday. He was apprehended at a condominium in Huai Khwang earlier, said Pol Lt Gen Samran Nuanma, the MPB commissioner.
The commissioner said Mr Jia told police he managed several online applications, one of which was called Cash and Go. He also hired people to open bank accounts in order to send loans to customers and handle related transactions.
He charged 234% interest per month for the loans. Victims who either unable or unwilling to meet the repayments were reportedly harassed and humiliated.
The suspect said he had converted business revenue into digital or cryptocurrency and wired it to a Chinese financier overseas.
He has been charged with operating a personal loan business without permission and threatening to harm others, harming others or damaging others' property.
