Parental discovery leads to arrest
Print Edition
A man has been arrested for allegedly persuading a student to accept loans totaling millions of yuan into his bank account, which turned out to be proceeds from usury, police said yesterday.
The suspect, surnamed Yuan, met the student, surnamed Xu, at a birthday party in October last year in Nanxiang Town, Jiading District. Yuan claimed to be a casino owner, police said.
Yuan convinced Xu he was running a highly profitable business by spending “a large amount” of money entertaining Xu, and later allegedly persuading him to accept the loans with the excuse that Yuan was in urgent need of money but was too ashamed to ask for loans himself. Yuan promised Xu that he would repay the debt in what the police called a trick to prevent his illegal business from exposure to the police.
Three times in the course of this year, Xu accepted about 5.65 million yuan (US$820,000) through his account, from which Yuan siphoned the money away for his own use. In each instance, Yuan gave Xu a few thousand yuan as a reward.
Police said Xu’s parents discovered the unusual money flows through their son’s bank account and reported the matter to the authorities. Investigation was still underway, police added.
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