Police Smash 'Grey Capital' Loan Shark Network Charging 3,000% Interest
Thai police dismantle illegal loan network backed by Chinese investors, seizing 3 billion baht in funds that were laundered through cryptocurrency
- Thai police dismantled the "Grey Capital" loan shark network, an illegal operation backed by Chinese investors that ran through more than 30 mobile applications.
- The network charged borrowers extortionate annual interest rates of up to 3,000% and used intimidation and public shaming to threaten those who delayed payments.
- A sophisticated money laundering scheme was uncovered, with over 3 billion baht in funds being funneled through bank accounts and converted into cryptocurrency to evade authorities.
- The police operation resulted in the arrest of 10 suspects and the seizure of significant assets, effectively breaking up the loan ring.
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.
Investigators discovered that not only did the group impose illegal and unsustainable interest rates, but they also engaged in aggressive and criminal tactics, including the public shaming and intimidation of borrowers who delayed payments.
An in-depth investigation into the financial activities of the network revealed a sophisticated money laundering operation. Over 3 billion baht had circulated through more than ten connected bank accounts.
According to the ECD, profits were subsequently funneled into accounts controlled by Chinese nationals and used to purchase cryptocurrency and computer equipment—a common scheme designed to hide the funds and evade official scrutiny.
The operation resulted in the successful apprehension of all 10 suspects named in 13 outstanding arrest warrants. Authorities also seized a significant number of assets and evidence during the raids.
Following the arrests, the Economic Crime Suppression Division issued a strong public warning. They urged citizens not to be misled by or use any unregulated, off-system loan applications.
Crucially, the police cautioned users to never grant these apps access to personal data on their mobile phones, as this access is the precise tool used by loan sharks for subsequent threats and public humiliation when repayments are late.
