Zhuang, a 28-year-old man from Jiangsu, a province in eastern China, succumbed to the seductive promises of quick riches and ultimately found himself trapped in a web of deceit and desperation.
Initially living a modest but comfortable life, Zhuang sought to elevate his status among his wealthier peers.
In 2021, he began renting luxury cars from a local rental company, transforming his social media presence with snapshots of himself driving flashy models like BMWs and Ferraris.
Source: Pexels
This carefully curated persona as a “rich second generation” attracted attention, but it also set him on a reckless path.
In August 2022, while browsing a car enthusiast group on social media, Zhuang was introduced to the world of cryptocurrency through a friend who encouraged him to invest in Dogecoin.
Enticed by the potential for high returns, Zhuang poured all his savings into this volatile asset.
However, by September, Dogecoin’s value plummeted, leading Zhuang to believe that the downturn was temporary.
To recover from his losses, he took out a loan of 150,000 yuan and borrowed 470,000 yuan from friends and colleagues, including 600,000 yuan from his parents, all to invest in Dogecoin.
Within a month, Zhuang faced a harsh reality: the investment platform became unresponsive, his funds inaccessible, and eventually, the website vanished altogether.
As his parents realised he had been scammed, they accompanied him to file a report with the police.
With a mountain of debt looming over him, Zhuang became determined to turn his fortunes around through gambling on sports.
As the World Cup approached in late 2022, he joined a lottery group on social media where members shared tips on betting.
They directed him to an app that provided live analyses and links for placing bets.
Unfortunately, Zhuang lost nearly 500,000 yuan, a staggering amount mainly borrowed.
In just six months, the combined losses from cryptocurrency trading and gambling left him with debts exceeding one million yuan.
His monthly salary was insufficient to cover his obligations, and with his parents now destitute, Zhuang resorted to borrowing money to pay off previous debts, trapped in a cycle of financial ruin.
In September 2023, while scrolling through social media, Zhuang noticed a post from a classmate, Gu, promoting car pledge loans and scrap vehicle purchases.
Seizing the opportunity, he hatched a plan to defraud Gu.
Zhuang first rented a BMW from the same rental company, then contacted Gu with a fabricated story.
“Xiao Xu owes me 1.3 million yuan and gave me a car as collateral. Can you help me get a loan against it?” he claimed, supplementing his story with forged chat logs and fake loan documents.
After inspecting the car, Gu agreed to lend him 100,000 yuan for one month at a 2% interest rate, with the vehicle pledged as collateral.
The success of this initial loan emboldened Zhuang, leading him to rent three additional luxury cars.
Using the same deceitful tactics, he accrued a total of 1.16 million yuan from Gu, all intended to settle his existing debts and cover his living expenses.
When Gu became suspicious after the third car was pledged, he insisted that the actual owner be present to secure the loan.
Undeterred, Zhuang fabricated more documents, this time using the name of a friend, Feng, who was also owed money.
Zhuang assured Feng,
“I have a friend whose company needs to boost their loan qualifications. All I need is for you to sign online.”
He was exploiting Feng’s trust and urgency to settle his own debts.
Under the guise of friendship, he secured yet another loan from Gu, successfully paying back Feng 220,000 yuan in the process.
By early October 2023, Gu discovered the fraudulent nature of the vehicle documents Zhuang had provided.
Alarmed, he confronted Zhuang, demanding the repayment of the remaining debt, or he would involve the authorities.
Zhuang managed to pay back 619,000 yuan through loans from family and friends, but the remaining debt of over 540,000 yuan loomed large.
Faced with insurmountable financial pressure, Zhuang chose to confess to the authorities at the end of October 2023.
On the day of his surrender, police recovered the pledged cars and returned them to the rental company.
The three pledged cars that were recovered by the police.
The case, which highlighted the dangers of fraudulent car pledge schemes, was taken up by the Taicang City Procuratorate.
Prosecutors carefully evaluated the situation, concluding that Zhuang’s intent was to defraud, fully aware that he had no right to pledge the vehicles and lacked the means to repay the loans.
His actions disrupted the automotive loan market, leading to charges of contract fraud amounting to 540,000 yuan.
In April 2024, the court sentenced Zhuang to three years in prison and imposed a fine of 50,000 yuan, alongside a restitution order for 540,000 yuan to be paid back to Gu.
Remarkably, Zhuang did not appeal the verdict, marking the end of a tumultuous chapter in his life driven by the pursuit of wealth.
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