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Gambler Turns Rental Cars into Millions

15 November 2005

CHINA -- As reported by the Shanghai Daily: "A gambling addict is under arrest for allegedly using rented cars as collateral on loans from a loan shark, and then fleeing.

"Police say Yin Ping, 25, was able to raise several million yuan through the fraud scheme.

"Yin allegedly leased 18 expensive sedans, such as Audis and Lexuses, worth about 5 million yuan (US$617,284) from a rental car company in July and August. He then let a loan shark surnamed Ma hold onto them as collateral on loans worth about 2 million yuan, police said.

"Police said Yin is a gambling addict and he came up with the scheme in order to raise money for a betting trip to Macau..."

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