Guard overdraws on 11 credit cards in stocks

A guard at a security company in Chengdu, Sichuan province, has overdrawn on 11 credit cards, hoping to strike it rich in the stock market.

Having lost more than 200,000 yuan ($32,800) in the market, he cannot repay the money borrowed on the cards, according to Chengdu Economic Daily.

Liu Jun, 34, comes from a rural area in Zhongjiang county, Sichuan. In 2009, Liu worked as a guard for a security company in Chengdu.

A primary school graduate, Liu knew nothing about stocks. But as investors talked about how they made hefty sums in the stock market, Liu could not resist temptation and opened an account in his wife's name because company employees were not allowed to invest in stocks.

As his monthly wages amounted to only 3,000 yuan, Liu could not invest much so applied for and was granted 11 credit cards.

Liu kept borrowing money on the cards to invest in the market but most of his investments were bad. He owes around 210,000 yuan on the 11 cards. As he cannot repay the money, he surrendered to police on Monday.

The police suggested he try to repay the money before the banks take the case to court.