Fraudulent lending hits vulnerable
Print Edition
Fraudsters are targeting patients, students and car buyers with illegal, predatory lending schemes, the Shanghai People鈥檚 Procuratorate said yesterday.
Yang Yongqin of the local prosecutor鈥檚 office said some plastic surgery clinics have colluded with fraudsters posing as employers in order to cheat job-seekers into taking out private loans for cosmetic surgery. In such cases, fraud victims are duped into believing that changes to their appearance will help their job prospects.
Some private clinics, particularly those specializing in andrology and gynecology, have been accused of asking patients to take loans for unnecessary surgeries.
Students were also trapped by illegal campus lenders and car buyers have been targeted as well for down-payment loans.
Procuratorates in Shanghai have charged more than 650 people in 260 cases of fraudulent lending over the past two years.
Con artists use a variety of tactics to pressure victims into taking out exorbitant loans with predatory terms. They use intimidation, threats of lawsuits, forged documents and illegal confinement.
In one case detailed by Fengxian District People鈥檚 Procuratorate, a gang of 14 was jailed for to 25 years on charges such as illegal fundraising, fraud, making trouble and illegal confinement.
The ringleader, a man surnamed Tang, registered a company in Fengxian in 2013 to provide illegal loans and raise funds from the public. The gang raised more than 500 million yuan (US$71.4 million).
When desperate borrowers couldn鈥檛 make their payments, Tang told the gang members to 鈥渢ake back鈥 the money through intimidation. The gang committed 10 frauds involving over 7 million yuan.
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