For a time, the adorable Labubu dolls were the latest trend and it seemed that everyone was scrambling to get one. But like most fads, it eventually waned and lost its once appealing factor.
Unfortunately for one young man, these innocent dolls proved to be his undoing after he found himself turning to more than 10 loan sharks in a desperate bid to keep his failing Labubu venture alive.
M’sian man borrows from 14 ‘Ah Longs’ to save Labubu business
Speaking to reporters about how he got in contact with the loan sharks in the first place, the 23-year-old man surnamed Chen (transliteration) said he had invested heavily in Pokémon cards and Labubu dolls as he hoped to rake in profits from the trend, reported China Press.
Sadly, it didn’t last long and Chen lost a staggering amount of RM10,000. Desperate to stem the financial bleeding, he went to a total of 14 ‘Ah Longs’ (loan sharks), where each loan was taken to pay off the previous loan.
But little did he know that the worst was yet to come, where he eventually found himself owing a whopping RM93,000 to the ‘Ah Longs’ — a far cry from the RM30,000 he initially borrowed from them.
Parents help to clear off debt
Upon realising that he wasn’t financially able to keep borrowing from the loan sharks, Chen finally confessed to his parents about what he had done.
In the end, his parents had to intervene and forked out RM49,000 to pay off 12 of the ‘Ah Longs’.
However, Chen’s troubles are far from over as the two remaining loan sharks, whom he borrowed RM1,000 each, are now demanding that he cough up returns of RM15,000 and RM29,000 respectively.
Aside from demanding the astronomical amount from him, the loan sharks have also pasted less-than-appealing photos of Chen near his home and have threatened to splash red paint if he failed to pay up.
Left with no other options, Chen sought the help of  MCA’s Public Services head, Datuk Seri Michael Chong, and lodged police reports in Melaka and Kajang.
While we wait for police to resolve the case, we hope Chen has learnt a valuable lesson from this ordeal.
READ ALSO:
