Police smashed a Chinese loan shark network allegedly charging exorbitant interest rates in Thailand.

The suspected crime ring reportedly plunged Thais into debt as they operated more than 30 unauthorised loan apps with a staggering 3,000 per cent interest per annum.

When borrowers failed to pay on time, the gang would allegedly use public shaming and intimidation tactics.

The Economic Crime Suppression Division (ECD) raided two locations in Bangkok and Udon Thani on November 22, following complaints of harassment and illegal interest rates.

Officers arrested Chinese nationals Haidong, 35, and Chaofan, 23, and Thai members Boonchu, 60, Jureeporn, 30, Kitiphan, 19, Natthaphong, 43, Kwanta, 30, Kritsada, 49, Kwanjira, 31, and Seksan, 32.

They also seized 10 mobile phones, three bank account books, three laptops, and one ATM card.

Investigations found that the network was allegedly involved in money laundering, with more than 3 billion baht circulating through 10 bank accounts.

The loan gang's profits were traced to Chinese nationals, who then used the funds to purchase cryptocurrency and computer equipment to avoid scrutiny.

The ECD said the suspects will face charges of 'jointly operating a personal loan business without permission, demanding interest exceeding the legally prescribed rate, demanding debt using intimidation, violence, or acts causing damage to the body, reputation, or property of the debtor or others, using language that insults the debtor or others, and disclosing the debtor's indebtedness to uninvolved parties'.