A Debt Relief Scam: How 2.5 Wan Can’tErase 10 Wan in Debt
By [Your Name], Senior Journalist
[Date]
2.5 wan to clear 10 wan, 25 wan to clear 100 wan. After debt settlement,no lawsuit, no collection, no enforcement, and the credit report will show a zero balance. This was the debt optimization service offered by a law firmclaiming to alleviate national burdens and reduce the people’s financial pressure. In November 2023, Zhao Zibo, who had suffered business losses, was tempted by this advertisement on social media. He borrowed 50,000 yuan from a friend, hoping to resolve his credit card debt of over 200,000 yuan. He envisioned that by entrusting this large sum to professionals, he could register as a food delivery orflash delivery worker, gradually repay his friend, and get his life back on track. However, Zhao Zibo never received his credit card settlement certificate. Instead, in September this year, he discovered that the law firm had been investigated by the Jin Feng District Public Security Bureau of Yinchuan City, Ningxia, for suspectedcriminal activity.
The Jin Feng District Public Security Bureau of Yinchuan City, Ningxia, told the Beijing News that the company, under the guise of debt relief, was suspected of engaging in illegal absorption of public deposits. This debt relief scheme, which is widely touted, exploits the desperation of manydebtors who are eager to repay their debts but lack a clear understanding of relevant policies and regulations. By maliciously complaining to banks or providing false documentation, they gain the trust of debtors and defraud them of their funds.
An investigation by the Beijing News revealed that similar debt relief agencies have emerged in recent years,weaving elaborate debt settlement scams with various gimmicks. An industry insider pointed out that the essence of most debt relief schemes remains anti-collection. If a debtor is genuinely unable to repay their bank debt due to financial difficulties, they can directly negotiate with the bank. Banks have already implemented corresponding preferential policies,such as installment payments and exemptions. However, he expressed greater concern that if overdue payments become a trend, it could have long-term consequences for the entire credit market.
On July 24, 2024, a task force, in collaboration with Shenzhen police, conducted simultaneous raids and arrests in Shenzhen, Yinchuan, and other locations.
Debt settlement is supported by national policies. Last November, when Zhao Zibo and his friend visited the company’s newly opened office in Changsha, the contact person presented them with several documents, including the Notice of the China Banking and Insurance Regulatory CommissionOffice on Carrying Out Pilot Work on the Transfer of Non-performing Loans. Zhao Zibo noticed that the company’s office space spanned over 2,000 square meters, divided into multiple sections.
[Insert additional details about the company’s operations, victims’ experiences, and the investigation process.You can also include expert opinions on the issue of debt relief scams and their impact on the financial system.]
Conclusion:
This case highlights the growing problem of debt relief scams targeting vulnerable individuals struggling with financial burdens. The perpetrators exploit their desperation and lack of financial literacy to defraud them of their hard-earned money. It is crucial for individuals to be aware of such scams and to seek legitimate financial assistance from reputable institutions.
References:
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Note: This is a draft based on the provided information. Itcan be further developed by incorporating additional details, expert opinions, and analysis.
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