Loansharks asking for incriminating photos or videos of students and threaten to make them public if money is not repaid.Loansharks have been arrested in China after asking students to give them naked videos and photos of themselves as collateral on the money they borrowed.
The loansharks then threatened to post the incriminating photos and videos online if the money was not repaid. They targeted cash-strapped college students and charged them exorbitant interest.
The public security bureau in Shenzhen recently busted a syndicate which at its peak had ripped off more than 300 victims across the nation. Most were college students who spent the borrowed money on gambling, electronic gadgets and cosmetics. One woman reportedly ended up owing more than one million yuan (US$147,200).