Thrifty Chinese Man Loses 7.9m Yuan in 6 Days to Stock Scam

A thrifty Chinese man who saved nearly 8 million yuan (US$1.1 million) over more than two decades lost it all in six days after falling for a stock investment scam, Zhejiang Television Station has reported.

The victim, surnamed Chen, 46, said he accumulated the money through small business earnings and interest from bank deposits. He lives frugally, spending as little as 6 yuan on a shirt and wearing his son’s used shoes. “I don’t smoke, drink or go out with friends. I just eat leftovers for dinner,” he said.

In April, Chen received an unsolicited call from someone claiming to work for a Shanghai-based private equity fund. After a month of guidance, the scammer won Chen’s trust and recommended switching to a trading app offering lower fees.

Between May 14 and 19, Chen made six transfers totaling 7.89 million yuan to an account in Shaanxi Province. The app stopped working immediately after the final transaction. The fraudster even sent a message saying, “Thank you, you are my biggest client ever.”

Chen, who works as a delivery driver for the platform Huolala, said he now has nothing left. “The money’s gone, like the wind blowing through an eggshell — my fortune is gone, and I'm at peace,” he said in the interview.

Police have launched an investigation into the case.