Approached by Flaunting Wealth on Social Media
Offered "High Returns for Lending an Account"
Swindled 2.7 Billion Won in Just One Year
A Chinese woman who flaunted a luxurious lifestyle on social networking services (SNS), including private jet travel and luxury shopping, and pretended to be wealthy, has been revealed as a fraudster who deceived an acquaintance and stole billions of won.
A Chinese woman who deceived acquaintances by claiming to be a second-generation chaebol and extorted billions of won was arrested on fraud charges. Jimu News, Southern Metropolis Daily
According to Chinese local media outlets such as Jimu News and Southern Metropolis Daily on December 28 (local time), police in Changning District, Shanghai, have criminally detained a woman surnamed Huang on fraud charges for swindling over 13 million yuan (approximately 2.68 billion won) from an acquaintance by using a false identity.
Huang posted on SNS about traveling on private jets, staying at luxury hotels, and shopping for designer goods, introducing herself as a second-generation chaebol and investment expert working at a well-known trust company.
Deceived by the promise of "earning 300 million won"... Borrowed money from relatives and even took out bank loans
Huang's fraudulent activities came to light after the victim reported her to the police. The victim, surnamed Liu, became acquainted with Huang at a gathering, kept in touch, and built a relationship. Liu gained trust in Huang after seeing her SNS posts.
After learning that Liu had an overseas bank account, Huang proposed to transfer company funds worth 80 million yuan (about 16.5 billion won) from abroad to China using Liu's account. She persuaded Liu by saying they could split a 4% profit if the transaction succeeded. Tempted by the promise of earning 1.6 million yuan (about 330 million won) just by providing the account, Liu accepted without much suspicion.
However, over several months, Huang repeatedly demanded money, citing reasons such as "profit needs to be settled in advance" and "lawyer fees are required." The requested amounts gradually increased, and eventually she even asked Liu to cover expenses for overseas business trips and luxury purchases.
Whenever Liu raised doubts, Huang would reassure her by saying things like "I will repay everything once I receive my 2% share of the profits," "The company will settle the full amount," and "If you quit now, you will lose all the money you have invested so far."
The scheme was uncovered after Liu's relatives began pressuring her to repay borrowed money. Under her husband's questioning, Liu confessed that she had wired over 13 million yuan in total to meet Huang's demands, using not only her own money but also funds borrowed from relatives and bank loans. Investigations revealed that all the money was spent on Huang's world travels, private jet use, and luxury purchases.
A Chinese woman who deceived acquaintances by claiming to be a second-generation chaebol and extorted billions of won was arrested on fraud charges. Zimu News, Southern Metropolis Daily
The chaebol heiress on SNS was fake... All trust company and fund transactions fabricated
Upon receiving the report, the Changning District police formed a dedicated investigation team and launched an inquiry. Police investigations found that Huang's SNS persona as a "second-generation chaebol" and "successful financier" was entirely fabricated. There was no actual work related to a trust company, nor were there any real fund transactions.
After securing evidence, police apprehended Huang, who had fled to another region. During questioning, Huang admitted that she had no regular job and came from an ordinary family background, and that she planned the crime after meeting the financially well-off Liu. She also confessed that all the expenses for her "upper-class image" on SNS were paid for with the money swindled from Liu.
Huang is currently under criminal detention on fraud charges, and police are investigating the specific circumstances of the case and the possibility of additional victims.
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