Gambler in 10m-yuan scam
Print Edition
A MIDDLE-AGED woman detained in connection with a 10-million yuan (US$1.61 million) scam on Chongming Island is alleged to have used the cash to pay off huge gambling debts.
The 45-year-old, surnamed Xu, is said to have sold non-existent financial products to more than 50 people, police said yesterday.
When held, she is said to have had barely 4 yuan in her bank account.
It is alleged that many of those duped were friends and relatives of Xu from Xinhe and Jianshe on the island.
Xu also approached strangers outside banks to get them to sign up, it is claimed.
Police said Xu racked up enormous debts over three years illegally gambling on casino card game baccarat.
Victims were enticed to sign up, paying up sums ranging from tens of thousands to millions yuan, through promises of high returns delivered quickly, it is claimed.
But in fact there was no scheme, said police.
Usually Xu would give those who signed up some “dividends” or gifts when she received money, and to placate those who grew suspicious, she would return part of their cash, according to officers.
Investors called in police this month after Xu could not be contacted.
When she was held in a guesthouse in Jiading District this week, there was only 4.1 yuan left in her bank account, police said.
Xu is said to have told police that she had spent the money gambling and paying loan sharks.
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