-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photo Highlights
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Leisure Highlights
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In depth
-
Weekend
-
Lifestyle
-
Diversions
-
Movies
-
Hotels
-
Special Report
-
Yes Teens
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Futian Today
-
Advertorial
-
CHTF Special
-
FOCUS
-
Guide
-
Nanshan
-
Hit Bravo
-
People
-
Person of the week
-
Majors Forum
-
Shopping
-
Investment
-
Tech and Vogue
-
Junior Journalist Program
-
Currency Focus
-
Food Drink
-
Restaurants
-
Yearend Review
-
QINGDAO TODAY
在线翻译:
szdaily -> Shenzhen -> 
College students fall victim to loan scam
    2019-05-10  08:53    Shenzhen Daily

ELEVEN suspects were recently prosecuted in Nanshan District for allegedly tricking local college students into taking out usurious loans, the Shenzhen Evening News reported Thursday.

A college student identified as Xiao Fang is one of the victims. Xiao Fang has piled up lots of debt due to his addiction to online gambling. At the recommendation of a classmate, he borrowed 6,000 yuan (US$881) from a loan company that offered services targeting college students.

However, as he was unable to repay the loan on time, Xiao Fang’s loan accumulated from 6,000 yuan to more than 100,000 yuan in two months. The loan company subsequently contacted Xiao Fang’s parents and demanded that they repay the loan for their son.

Another student identified as Xiao Yuan was also trapped by a usurious loan scam. According to the News, Xiao Yuan borrowed 13,000 yuan from a loan company to buy a laptop. However, in less than two years, the loan had accumulated to more than 1 million yuan, which is nearly 100 times the initial loan.

According to the prosecutors, the suspects in these cases took advantage of the students’ desire to consume and their low financial capacity. They would coax these students to sign unfair loan contracts or multiple contracts for the same loan.

If the borrowers failed to repay the loan when it came due, the suspects would charge them high overdue fees and ask them to borrow more money to repay the arrears.

After the debts had piled up to a certain amount, the suspects would go to the students’ homes to ask their parents to pay off the loans, thus ultimately achieving their illicit purpose.

The investigation found that the suspects’ illegal gains had amounted to more than 1.4 million yuan, swindled from seven victims. (Zhang Yu)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn