Police detain people suspected of being involved in a large illegal lending scheme in March 2019. CREDIT: Baidu
Police detain people suspected of being involved in a large illegal lending scheme in March 2019. CREDIT: Baidu
Crime

A multi-billion dollar criminal lending scheme resulted in 89 deaths in China: CCTV

  • The scheme would trap people in illegal loan contracts that resulted in annual compound interests as high as 5,214 per cent. 
  • One man borrowed 2,000 yuan (US$305) before eventually owing 700,000 yuan (US$107,000) in a vicious cycle of predatory lending. 

Topic |   Crime
Police detain people suspected of being involved in a large illegal lending scheme in March 2019. CREDIT: Baidu
Police detain people suspected of being involved in a large illegal lending scheme in March 2019. CREDIT: Baidu
READ FULL ARTICLE