-
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 -> 
Police crack usurious loan scam
    2019-05-15  08:53    Shenzhen Daily

THE Bao’an police cracked a case of usurious loan fraud and reminded residents to raise their awareness and apply for loans through legal channels in order to avoid being cheated.

The Bao’an police received a report from a man surnamed Qiu in March last year. According to Qiu, he repaid more than 16 million yuan (US$2.32 million) for the principal and interest to a man surnamed Chen after borrowing over 5 million yuan from Chen in February 2011.

However, Chen still threatened him with violence on the grounds that he had not paid off the principal and interest of the loans. Chen forcibly occupied Qiu’s apartment, which was worth more than 10 million yuan.

The police found that many other victims had similar experiences and presumed that the suspect might have been involved in a gang that committed usurious loan scams.

The police investigation found that Chen, the principal criminal in the gang, had deceived many victims to handle notarial entrustment of real estate property and sign illegal contracts to defraud the victims out of huge amounts of money.

The gang members had a clear division of labor and used provocative methods to extort the payment of debts.

Most of the victims owned real estate properties in Shenzhen and engaged in project contracting and small businesses. Chen asked the borrowers to sign a series of illegal loan contracts, mortgage contracts and lease contracts, according to the police.

On April 23, 2018, the Bao’an police captured all the gang members. The amount of money involved reached more than 50 million yuan, the largest ever in the district. (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