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

Thursday
July 24, 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
THURSDAY, JULY 24, 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

  • Russian An-24 aircraft after a regional passenger plane goes missing in Siberia today (24 July). Photo: Screen grab/Reuters
    Plane with 50 aboard crashes in Russia's far east, no survivors
  • 2 Milestone teachers, who died trying to save students, to be given state honour: Govt
    2 Milestone teachers, who died trying to save students, to be given state honour: Govt
  • File photo of Bangladesh Bank. Photo: TBS
    Governor Mansur orders withdrawal of BB dress code after directive draws criticism

MOST VIEWED

  • Photo: Collected
    Bangladeshi man jailed for life in UK for murdering wife in front of their baby
  • Ctg port authority halts contractor recruitment for Kamalapur ICD operations for two months
    Ctg port authority halts contractor recruitment for Kamalapur ICD operations for two months
  • Fire at Cosmo School in Mirpur on 23 July 2025. Photo: TBS
    Fire breaks out at Cosmo School in Mirpur following generator explosion
  • Representational image. File Photo: Rajib Dhar/TBS
    Debate arises as edu adviser says postponed HSC exams of 22 and 24 July will be held on same day
  • BB issues dress code for all, discourages short-sleeved or length dresses, leggings for female staff
    BB issues dress code for all, discourages short-sleeved or length dresses, leggings for female staff
  • Infographics: TBS
    Stay orders won’t shield defaulters: BB governor 

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: Collected

24 July: More than 1400 arrested, 3 missing coordinators found

13h | Panorama
Photo: Mehedi Hasan/TBS

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

1d | Panorama
Photo: Mehedi Hasan/TBS

Mourning turns into outrage as Milestone students seek truth and justice

1d | Panorama
Illustration: TBS

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

2d | Panorama

More Videos from TBS

Bangladesh Bank withdraws dress code guidelines

Bangladesh Bank withdraws dress code guidelines

21m | TBS Today
Thai-Cambodian troops clash over disputed border

Thai-Cambodian troops clash over disputed border

1h | TBS World
Former chief justice Khairul Haque detained

Former chief justice Khairul Haque detained

2h | TBS Today
Why are there renewed tensions between Iran and Israel?

Why are there renewed tensions between Iran and Israel?

3h | Others
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