Chen, hoping to ride the wave of the trendy toy market, invested heavily in Pokémon cards and the popular Labubu dolls – those cute, slightly creepy collectibles that were supposedly the next big thing.
But when the market didn’t play along, he found himself staring at a RM10,000 loss.
How RM30,000 in Shark Debt Became an RM93,000 Nightmare
That’s when things went from bad to worse.
Instead of coming clean to his family, Chen made the fateful decision to borrow from loan sharks—not just one or two, but 14 different groups, racking up nearly RM30,000 in loans.
It was classic quicksand: the more he struggled, the deeper he sank.
When he finally confessed to his parents, they managed to bail him out of most of the mess, paying off RM49,000 to settle with 12 of the loan sharks.
But two particularly aggressive lenders, who had only provided RM1,000 each, are now demanding astronomical returns of RM15,000 and RM29,000 respectively.
From Toy Business to Terror
Today, Chen’s dealing with more than just debt.
Loan sharks have plastered humiliating posters near his home and are threatening to splash red paint – a common intimidation tactic in Malaysia.
He’s since filed police reports in both Melaka and Kajang, and MCA’s Public Services head, Datuk Seri Michael Chong, is now involved in the case.
Let this be a lesson: when the dust settles on get-rich-quick schemes, the only ones who truly cash in are those charging 2900% interest on a thousand-ringgit loan.
From K-pop Stars to Social Media: The Making of Malaysia’s Labubu Bubble
Labubu dolls have taken Malaysia by storm, with collectors willing to shell out thousands for these trendy collectibles.
The craze hit fever pitch after Blackpink’s Lisa was spotted with a Labubu plush, sparking a social media frenzy that sent prices soaring.
Labubu’s influence grew when a TikTok video showed bandmate Rosé being introduced to the dolls at Lisa’s home, further fueling the collectibles’ must-have status.
