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May 18, 2011

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Loan shark victim's home sold in con

A 21-YEAR-OLD Shanghai man who borrowed 8,000 yuan (US$1,230) from loan sharks was told he had to repay 820,000 a year later and ended up losing his family home.

Under the strain, the young man's mother tried to kill herself.

The case was first exposed online by a family member on a micro-blog post.

In an interview with Southern Metropolis Daily yesterday, the family member said the victim, Li Shunan, who is said to have learning difficulties, was simply trying to pay back 1,000 yuan in June last year.

Li contracted with a loan company after receiving a text message, said the report.

He had to borrow 8,000 yuan and return 13,400 yuan one month later.

However, when Li couldn't repay that or subsequent sums, the company is alleged to have tricked him into stealing a property ownership certificate from his parents as a mortgage to a real estate agency.

By the time his family discovered what was going on, Li was told he owed 820,000 yuan.

Worse was to follow, as the family discovered their apartment had been turned over to the loan company and then sold for 1.4 million yuan.

"It's a new kind of scam, as the shark hooked up with a real estate agency for the deal," said city police who are looking into the case.

The loan company bosses have disappeared with the money, said the family.

Li's mother, Pang Qiong, attempted suicide by swallowing a half bottle of sleeping pills on May 14, said the family members.

After recovering in hospital, Pang said all the documents and even the signatures of the property transaction contracts were forged and fake.

The family has released a judicial testimonial saying that Li has a low IQ.


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