🤑 Loan sharks operating in casinos beware | BusinessMirror

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MANILA, Philippines – The country's gaming regulator has announced a plan to regulate casino financiers believed to be behind a spate of.


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Authorities in the Philippines have warned the public to be aware of loan sharks preying on people in casinos, the Philippine News Agency.


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Philippine legislators finalizing bill to punish casino loan sharks as local police rescue Chinese man held hostage over $96k gambling debt.


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Chinese loan sharks have found a talented pool of Filipinos, including On May 18 this year, casino player Li Chao went out for dinner and.


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Chinese junkets and loan sharks are responsible for a rise in kidnaps centered around the Philippine casinos industry, aided by former.


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Pasay City police confirmed that the incident took place when the duty investigator was busy, saying that the investigator released Bian minutes after he was put in the cell upon discovering there were insufficient grounds to detain him. The police's move comes two weeks after the Chinese embassy slammed Manila for undermining its efforts to crack down on cross-border gambling and pointed out "dozens of kidnappings and torture cases of Chinese citizens who gamble or work illegally in gambling entities in the Philippines". Read More. Traditional jeepney phaseout to proceed. Bian lost all the money playing baccarat and alleged that once he could not make good on his debt, he was held captive in Manila's Midas Hotel from July On August 11, four mainland Chinese men brought Bian to the Pasay City Police Station to file a complaint against him for non-payment of debt. Please give an overall site rating:. Like us on Facebook to see similar stories. Gatchalian to DOE: Ensure reliable electricity for distance learning.

A kidnapped mainland Chinese man has been rescued from a loan casino loan shark philippines syndicate by Philippine police, in what they say is the 53rd case of casino-related abductions by fellow Chinese nationals since The rash of kidnappings comes as Chinese nationals flock to the Philippines to work in casinos or Philippine offshore gaming operators Pogos.

Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. He said see more group had thus far rescued 57 Chinese nationals who had been abducted by their compatriots, while 53 of the cases it had resolved over the past two years involved the casino industry.

Colonel Jonnel Estomo, who heads the anti-kidnapping group, told the South China Morning Post that to speed up the group's rescue efforts, he had "put up a satellite office near the casinos because [national police headquarters] Camp Crame is too far.

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According to Cereno, this turned out to be a ruse for the men to secretly take a video of the victim behind bars, which they then sent to his family to pressure them to pay up. In Bian's case, police anti-kidnapping group spokesman Lieutenant Colonel Elmer Cereno on Tuesday said one suspect, Xu Libo, had been arrested and charged with kidnapping for ransom, while five others remained at large. How can we improve? I'm already a fan, don't show this again. Estomo said he would meet the Philippine Amusement and Gaming Corporation, the state gambling regulator, to see how police could better handle the situation. Cereno said Bian, 25, told police he had borrowed 1. Because of the traffic, we were unable to respond fast.