Scammers in China Purposely ‘Default’ on Large Loans to Defraud Banks

Scammers in China Purposely ‘Default’ on Large Loans to Defraud Banks
A bank employee counts out 100-yuan notes at a bank in Shanghai on Aug. 8, 2018. Johannes Eisele/AFP/Getty Images
Olivia Li
Updated:
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In China, an industry of scammers has defrauded banks by purposely defaulting on fraudulently obtained bank loans and pocketing the money among themselves, according to involved parties who have spoken to The Epoch Times under pseudonyms.

The scam involves bank personnel colluding with intermediaries and a “debt carrier.”