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QINGDAO TODAY
在线翻译:
szdaily -> Shenzhen -> 
Loan scam ring busted, 21 detained
    2019-05-14  08:53    Shenzhen Daily

FUTIAN police recently busted a ring suspected of perpetrating a loan scam and 21 suspects have been arrested, the Shenzhen Evening News reported yesterday.

Futian police also seized 4.57 million yuan (US$672,059) in the action.

A resident surnamed Yang was the victim of the loan scam. Yang, who needed money, borrowed 600,000 yuan from a financial company in 2016. However, he received only 492,000 yuan from the company, which withheld the remaining 108,000 yuan as commissions and service fees. Meanwhile, Yang was forced to sign a blank loan contract, under which Yang owed the company 1 million yuan and mortgaged his apartment for the loan.

A few months later, Yang could not repay the debt, and borrowed another 1 million yuan from another financial company. Yang used the 930,000 yuan he received from the second financial company to pay off his previous debt. Yang then was coerced by the second company to take out another loan of 3.3 million yuan to clear his apartment mortgage. However, the company withheld the 3.3 million yuan without letting Yang know. Yang’s total debt to the company amounted to 5.5 million yuan following a false debt of 1 million yuan that was fabricated by the company.

Yang could not afford the large amount of debt and interest, and sought out a new company to help pay off the debt of 5.5 million yuan.

After several operations like this, Yang owed 850,000 yuan to an intermediary surnamed Li and 6 million yuan to several companies, which were operated by the same ring. Yang’s apartment was still mortgaged.

Yang had been illegally detained by the intermediary twice, during which Yang was once again forced by the company to take out a new loan of 410,000 yuan, the report said.

Yang made a report to the police in March. The Futian police busted the ring April 17.

The case is still under investigation, the report said.

(Wang Jingli)

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