A 23-year-old Malaysian man has accumulated a debt of RM93,000 after borrowing from 14 loan sharks to sustain his failing collectibles business.
The man, identified only as Chen, attempted to profit from the trending market of collectible Pokémon cards and Labubu dolls.
Collectibles Venture Turns Into Financial Nightmare
Chen placed large pre-orders for Pokémon cards and Labubu dolls, hoping to capitalize on their popularity in the resale market.
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The gamble backfired when demand for these items suddenly dropped, leaving him with substantial unsold inventory.
The failed venture resulted in an initial loss of approximately RM10,000.
Desperate to recover his losses, Chen turned to loan sharks for financial assistance.
“I didn’t want my family to worry, so I tried fixing it on my own through social media. In the end, I borrowed nearly RM30,000 from 14 loan sharks, and the debt just kept snowballing,” Chen explained during a press conference.
What began as a RM30,000 loan rapidly escalated to RM93,000 as he found himself trapped in a cycle of borrowing to pay existing debts.
Loan Shark Threats and Family Intervention
After exhausting all options, Chen finally confessed his financial predicament to his parents.
His family managed to pay RM49,000 to settle with 12 of the loan sharks.
However, two remaining lenders who collectively loaned him just RM1,000 are now demanding RM15,000 and RM29,000 respectively.
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These loan sharks resorted to intimidation tactics, including placing posters around Chen’s neighborhood and threatening to splash red paint on his property.
Facing mounting pressure, Chen sought assistance from the Malaysian Chinese Association’s Public Services and Complaints Department head, Datuk Seri Michael Chong.
Chong noted that Chen’s case involved criminal syndicates using intimidation tactics similar to those of loan sharks to extort money.
Chen and his family have now filed police reports in both Melaka and Kajang and continue to follow up with authorities on the case.
The young entrepreneur’s story serves as a stark example of the dangers associated with unregulated lending and the rapid accumulation of debt when business ventures fail.
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