Chinese tricksters take cue from Squid Game to prey on the indebted | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
July 23, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JULY 23, 2025
Chinese tricksters take cue from Squid Game to prey on the indebted

China

Reuters
25 December, 2024, 01:05 pm
Last modified: 25 December, 2024, 02:10 pm

Related News

  • Elon Musk's X platform probed in France for alleged data tampering and fraud
  • Squid Game 3: A flawed but fierce farewell
  • Union Bank branch manager uses multiple schemes to embezzle Tk8cr: Internal probe
  • Apple sued by shareholders for allegedly overstating AI progress
  • 2yrs punishment for false claim of July uprising benefits

Chinese tricksters take cue from Squid Game to prey on the indebted

Unlike the dystopian South Korean TV series, which returns to the small screen for a second season on Thursday, Chinese players taking on "self-discipline" challenges do not risk their lives if they lose

Reuters
25 December, 2024, 01:05 pm
Last modified: 25 December, 2024, 02:10 pm
A staffer poses with 2015 edition of the 100 renminbi notes at the Bank of China Tower in Hong Kong, China November 12, 2015. Photo: REUTERS/Bobby Yip/File Photo
A staffer poses with 2015 edition of the 100 renminbi notes at the Bank of China Tower in Hong Kong, China November 12, 2015. Photo: REUTERS/Bobby Yip/File Photo

In China's take on Squid Game, fraudsters are preying on the financially distressed in a slumping economy with promises of prize money, debt restructuring and other schemes that are not always what is promised.

Unlike the dystopian South Korean TV series, which returns to the small screen for a second season on Thursday, Chinese players taking on "self-discipline" challenges do not risk their lives if they lose.

But courts have found some participants in isolation challenges - who pay hundreds of dollars to stay in a room for days, following prescribed rules in the hopes of winning as much as 1 million yuan ($140,000) - are being scammed. And regulators are warning people about dodgy debt relief claims.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Isolation challenges, often advertised on Douyin, as TikTok is known in China, have risen in popularity this year as the world's second-biggest economy slows. It grew at the weakest pace in more than a year in the three months to September, spurring policymakers to pledge fresh measures to boost household incomes among other steps.

The long lists of rules in the challenges include toilet breaks not exceeding 15 minutes and bans on touching the alarm clock more than twice a day.

Many players cry foul when they do not survive their first day for infractions caught on surveillance cameras, which they dispute.

In October, a court in the eastern province of Shandong ordered an organiser to refund 5,400 yuan ($740) in sign-up fees to a player surnamed Sun, ruling the contract was unfair and "violated public order and good morals".

Sun was trying to win 250,000 yuan by surviving a 30-day isolation challenge with rules forbidding smoking, use of electronic devices, consumption of alcohol and contact with anyone outside the room.

On the third day of the challenge, organisers said Sun had covered his face with a pillow, breaking a prohibition on players obscuring their faces.

The Cyberspace Administration of China, which regulates the country's internet, and ByteDance, owner of Douyin, did not respond to Reuters requests for comment.

The National Financial Regulatory Administration (NFRA) warned the public on Tuesday not to fall for "debt intermediaries" claiming to help people restructure their borrowings or improve their credit profiles.

Touting their services through phone, texts, flyers and ads on social media, such intermediaries claim they can help secure new loans or provide temporary funds, but the regulator warned the services come with a high fee.

Intermediaries charge as much as 12% of the loan value in "service fees", the state-backed National Business Daily said.

Another scheme involves charging large fees to ostensibly help debtors repair their credit records, according to the NFRA, which cautioned that borrowers' personal information might also be leaked or sold.

China's household loans totalled 82.47 trillion yuan ($11.3 trillion) in November, according to central bank data.

Top News / World+Biz

Fraud / Squid Game / isolation challenge

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • BNP Secretary General Mirza Fakhrul Islam Alamgir. File Photo: Collected
    CA will soon make formal announcement on election to eliminate all ambiguity: Fakhrul
  • The meeting is being held at the chief adviser’s official residence Jamuna. Photo: CA Press Wing
    CA Yunus holding meeting with 13 political parties
  • NIBPS Director Dr Nasir Uddin speaks at a press briefing, 22 July, 2025. Photo: TBS
    Milestone tragedy: 8 out of 44 patients in critical condition at burn institute

MOST VIEWED

  • Screengrab/Video collected from Facebook
    CCTV footage shows how Air Force jet nosedived after technical malfunction
  • Photo: Collected
    Bangladeshi man jailed for life in UK for murdering wife in front of their baby
  • Why Bangladesh's capital market is poised for a bull run
    Why Bangladesh's capital market is poised for a bull run
  • ISPR clarifies crashed plane was battle aircraft, not training jet
    ISPR clarifies crashed plane was battle aircraft, not training jet
  • Photo: Syed Zakir Hossain/TBS
    Secretariat protest: 75 injured in police-protester clash over edu adviser's resignation for delaying HSC rescheduling
  • Exim Bank's former chairman Nazrul Islam Majumder being taken to court on 22 July 2025. Photo: Collected
    Will repay all money if granted bail, won’t run away, ex-Exim Bank chair Nazrul tells court

Related News

  • Elon Musk's X platform probed in France for alleged data tampering and fraud
  • Squid Game 3: A flawed but fierce farewell
  • Union Bank branch manager uses multiple schemes to embezzle Tk8cr: Internal probe
  • Apple sued by shareholders for allegedly overstating AI progress
  • 2yrs punishment for false claim of July uprising benefits

Features

Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

1d | Panorama
Photo: TBS

Mourning turns into outrage as Milestone students seek truth and justice

19h | Panorama
Illustration: TBS

Uttara, Jatrabari, Savar and more: The killing fields that ran red with July martyrs’ blood

1d | Panorama
Despite all the adversities, girls from the hill districts are consistently pushing the boundaries to earn repute and make the nation proud. Photos: TBS

Ghagra: Where dreams rise from dust for Bangladesh women's football

2d | Panorama

More Videos from TBS

What is the latest status of Milestone?

What is the latest status of Milestone?

9m | TBS Today
Elephant hits moving train

Elephant hits moving train

19m | TBS Stories
Postponed HSC exams to be held on same day: Education Adviser

Postponed HSC exams to be held on same day: Education Adviser

34m | TBS News Updates
80 Columbia University students punished for pro-Palestinian protest

80 Columbia University students punished for pro-Palestinian protest

1h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net