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A man in Hangzhou, China, lost over 871,273 yuan (RM512,000) after he paid for gym memberships and coaching sessions valid for 300 years
The man, identified only as Jin, had been a member of Ranyan Gym for three years before a sales executive approached him in May with what seemed like a lucrative promotion.
He was told that if he bought a one-year membership, the gym would resell it to a new customer at a higher price, allowing him to pocket most of the profit. He was also promised a full refund if the deal fell through.
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Image via Victor Freitas / PexelsLured by the promise of high returns, Jin was persuaded to buy more memberships and private coaching sessions, at one point spending over 300,000 yuan (RM176,000) in a single transaction
The sales staff assured him that if the gym failed to resell the membership cards within two months, he would receive a full refund.
Between May and July, Jin signed 26 contracts, accumulating memberships with a validity of 300 years for a total cost of 871,273 yuan (RM512,000).
However, when the promised repayment date arrived on 15 July, Jin received nothing
By the end of the month, the gym's management and sales team had vanished.
He later discovered the contracts he signed made no mention of the promised returns and even stipulated that the memberships were non-transferable.
"I admit that I have been brainwashed by them," he told local media, adding that he saw the purchases as a "health investment" and a "commitment to health".
He is now taking legal action against the gym.
