Pokémon, Labubu dreams turn into RM30,000 loan shark nightmare for 23-year-old

SHAH ALAM - A 23-year-old man discovered that a seemingly lucrative venture into collectible reselling – Pokémon cards and the highly sought-after Labubu dolls – could quickly become a financial nightmare.

Initially drawn by the immense popularity surrounding these items, particularly the quirky Labubu dolls that gained traction after being spotted with Blackpink's Lisa, the man identified as Chen invested heavily.

The temptation of quick profits from the viral craze seemed irresistible.

However, the fleeting nature of hype became apparent when demand waned, leaving Chen with a significant amount of unsold inventory and a reported loss of RM10,000.

Instead of seeking assistance from his family, Chen made a perilous decision: he turned to loan sharks.

Over time, he became entangled with 14 different lenders, accumulating a staggering debt of RM30,000.

The situation spiralled beyond his control. Even after his parents intervened and paid off RM49,000 to settle with 12 of the lenders, Chen's ordeal was far from over.

Two remaining loan sharks, who had each lent him RM1,000, now demand exorbitant repayments of RM15,000 and RM29,000, respectively.

Chen's troubles extend beyond the purely financial. The loan sharks have resorted to intimidation tactics, plastering his neighborhood with defamatory posters and threatening to vandalise his home with red paint – a common scare tactic employed by illegal lenders in Malaysia.

Seeking recourse, Chen has filed police reports in both Melaka and Kajang.

His case has also garnered the attention of Datuk Seri Michael Chong, the head of MCA’s Public Services, who is now assisting.

This incident serves as a stark reminder of the dangers associated with quick-money schemes.

They can leave individuals not only financially devastated and stressed but also vulnerable to the predatory practices of loan sharks, who often charge outrageously high interest rates, in this case, a shocking 2900 per cent.

The Labubu dolls experienced a meteoric rise in popularity after Blackpink’s Lisa showcased hers, creating a sensation on TikTok.

Fans and collectors scrambled to acquire the dolls, turning them into coveted social media status symbols and driving their prices to exorbitant levels.

However, this bubble of hype has burst. Reports indicated that over 230 Malaysians have faced financial losses linked to these collectibles.