A Malaysian youth became addicted to forex trading last year and fell into debt with loan sharks, forcing his mother to help repay over RM300,000.
The 23-year-old man should have left the nightmarish experience behind and started anew, but there’s one problem.
The loan sharks deliberately “topped up” his loan every time he was about to pay off his debt and fined him RM2,000 if his payment was five minutes late.
Currently, without even accounting for interest, the youth owes money to 23 loan shark accounts, totaling over RM40,000.
He said that after meeting two men and two women, he became addicted to forex trading. At first, he earned a few thousand ringgit in profit, then reinvested both the principal and the profits.
After investing large sums, he began to face losses, and that was when the loan sharks approached him to persuade him to borrow money. He started accumulating debt in September last year, with his mother having already paid RM300,000 on his behalf.
Mum severed ties with him, but loan sharks still harassed her
He admitted that due to pressure from the loan sharks, he lost his job as a video editor last month and is currently unemployed, though he is still looking for ways to repay his debts. Earlier, his family had also placed a public notice in newspapers to sever ties, and he hopes the loan sharks will stop harassing his family.
Regardless, the loan sharks are still harassing his mother.
This has not only disrupted her career but has also caused long-term mental stress, requiring her to take sedatives. She fears that one day she might collapse.
“I hope that through this press conference, I can urge the loan sharks to stop lending money to my son. I will also no longer repay his debts.”
The mother and son held a press conference yesterday (19 December), accompanied by the Deputy President of the Malaysian Chinese Assembly Hall (MCA), as reported by China Press.
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