Man owes 14 loan sharks after Labubu business fails
PETALING JAYA: A 23-year-old man who ventured into selling trendy collectible items became knee deep in debt, owing 14 loan sharks after losing RM10,000 from his failed venture.
China Press reported that the man, identified as Chen, borrowed nearly RM30,000 as a bid to offset the RM10,000 loss.
He reportedly rode on the hype selling popular collectibles such as Labubu dolls and Pokemon cards, pre-purchasing large quantities but encountered a price volatility, resulting in the losses.
'I didn't want my family to know, so I turned to social media to look for a way out. I ended up borrowing nearly RM30,000 from 14 loan sharks.
'The more I borrowed, the deeper the hole became. Eventually, I had no choice but to tell my family, and they helped repay most of the debt,' Chen said.
His parents helped settle RM49,000, paying back 12 loan sharks but the remaining two, who lent him RM1,000 in cash in total, allegedly demanded Chen to repay RM15,000 and RM29,000 respectively.
Not only that, the two loan sharks publicly shamed Chen by putting up posters around his neighbourhood and threatened to splash red paint.
Facing yet another challenging situation, Chen sought the assistance of the head of the Malaysian Chinese Association's Public Services and Complaints Department Datuk Seri Michael Chong.
Chong also stated that Chen's case involved criminal syndicates adopting the style of intimidation tactics from loan sharks for financial extortion.
Chen and his family have lodged police reports in Melaka and Kajang.
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