13 billion Ponzi scheme! The actual controller spent 314 million on Rolls Royce

category:Finance
 13 billion Ponzi scheme! The actual controller spent 314 million on Rolls Royce


Illegal fund raising of 13 billion

Nearly 20000 people step on thunder

Jingyi group is involved in two crimes, illegal deposit and fund-raising fraud, which occurred in two different time stages.

Shanghai No.2 Intermediate Peoples court found that Shanghai Jingyi Asset Management Co., Ltd. (hereinafter referred to as Jingyi asset management) was established in January 2011, Zhou Haisheng took over the company in July 2014, and Zhou Haisheng established Shanghai Renyu Asset Management Co., Ltd. (hereinafter referred to as Renyu company).

From August 2014 to February 2015, Jingyi asset management and Renyu company, without approval, promised to keep the principal and allow annual income of 8% to 12.6% to illegally absorb more than 250 million yuan from 1577 people, including paid principal of 61.41 million yuan and interest of 4.13 million yuan.

Next, Kong Xiangyou, the defendant in this case, appeared, and the amount of illegal fund-raising was astonishing.

In the Spring Festival of 2015, Kong Xiangyou actually controlled Jingyi asset management, Renyu company and Shanghai Wanyue Financial Leasing Co., Ltd. (hereinafter referred to as Wanyue company), and since March of the same year, Jingyi asset management has set up branches in Shanghai and other 8 provinces and cities. In July 2016, Jingyi asset management officially changed its name to Jingyi group.

Up to the time of the case, more than 19000 people were still unable to repay the principal of more than 4.4 billion yuan.

Review of the case of platform explosion

On the evening of February 11, 2018, Shanghai Putuo Public Security Bureau released information that Jingyi group actually controlled a man hole and surrendered to Shanghai Putuo police on February 10, 2018 for being suspected of committing a crime. The relevant case is under further investigation.

On March 19, 2018, with the approval of Shanghai Putuo District Peoples Procuratorate, Putuo Public Security Bureau arrested nine criminal suspects, including Xie and Qian, who actually controlled Manjing and participated in the crime of illegal absorption of public deposits, by Jingyi group in accordance with the law.

On October 31, 2018, the case investigation report issued by Putuo Branch of Shanghai Public Security Bureau showed that Jingyi group and Kong youyou were suspected of fund-raising fraud and were transferred to the second branch of Shanghai Peoples Procuratorate for jurisdiction. A total of 110 senior executives, heads of various business teams and salesmen of Jingyi group were taken criminal coercive measures according to law. The police have frozen more than 380 million yuan in bank accounts of the companies and personnel involved.

Actual controllers personal withdrawal expenses of RMB 300 million

In this case, in addition to the staggering amount of 13 billion yuan of illegal fund-raising, there is also a group of shocking figures.

According to the audit, as of February 2018, of the more than 13 billion yuan of illegal fund-raising, except for the bank funds frozen and the cash seized after the crime, the main reasons are as follows:

1. It has been used to cash more than 8.9 billion yuan of principal and interest due;

2. More than 6.33 million yuan was returned;

3. The operating expenses of the company are more than 1.5 billion yuan;

4. More than 2.2 billion yuan was spent in the name of investment projects, of which only 48.49 million yuan was spent on agreed projects;

5. Kong Xiangyou spent more than 300 million yuan on cash withdrawal;

6. According to the instruction of Kong Xiangyou, more than 300 million yuan was transferred to individual and company accounts unrelated to fund-raising participants.

At the same time, Kong Xiangyou, as the legal representative and actual controller of Jingyi group, is directly responsible for the crime of fund-raising fraud committed by Jingyi group. His behavior also constitutes the crime of fund-raising fraud, and the amount is very large. Therefore, the above judgment was made in accordance with the law.

14 million to buy Rolls Royce

Kong Xiangyou, who spent more than 300 million yuan on personal cash withdrawal, also has a rather complicated resume.

The report of Jiefang Daily on April 20, 2018 revealed the shocking scam behind Jingyi groups ten billion wealth management platform, and more clearly presented the whole picture of its controlling man hole Xiangyou.

Whats more, in August 2009, Kong Xiangyou was sentenced to four years and six months imprisonment by the peoples Court of Ruian City, Zhejiang Province, for stealing cables. After he was released from prison, he took over Jingyi asset management, which was equivalent to buying the company without spending a cent under the introduction of a friend.

In order to maintain the image of investment company, Jingyi group rented two and a half floors of great wall building at 3000 Zhongshan North Road and one floor of global port, and set up branches widely. The annual meeting of Jingyi group was once famous for holding 800 tables and winning awards. According to the companys internal staff, before the Spring Festival every year, the company will hold many large-scale customer appreciation meetings, at least 10 million yuan will be spent on an annual meeting..

According to Qian, who has been the financial director of Jingyi group since the second half of 2016, she said that Kong Xiangyou generally requires the safe to keep about 2 million in cash, and will send someone to withdraw it at any time. Generally, they will receive about 4 million yuan a month, and up to the time of the crime, they have received about 70-80 million yuan.

Suspected self fusion game

Fictitious overseas listing

According to the official website of Jingyi group, the group is mainly engaged in industrial investment, investment management and asset management. It is mainly engaged in financial investment, automobile trade, real estate development, optoelectronic high technology and international trade. It has a number of branches and business outlets, including Jingyi wealth, Renyu assets, Jingyi Mingche Hui, Jingyi Wenzhou Auto City, Fujian Xintai optoelectronics, etc.

Jingyi group has a wide range of so-called investment scope. It has successively declared that it has entered the high-tech photovoltaic industry, e-commerce industry, food industry and other fields. At the end of 2017, Jingyi group said it would enter the herbal tea industry, and invited Zou Shiming, the champion of boxing, to speak for its brand lipin Kang.

According to the above-mentioned report of Jiefang Daily, Jingyi group, the so-called ten billion wealth management platform, is known as high-tech + automobile trade + hotel catering + food manufacturing + culture and entertainment + financial investment. The official website claims that different fields are equally wonderful and all-round development asset investment management company. The main business is actually Pangs borrowing the new to return the old Scam - taking in public deposits at high interest rates and paying the principal and interest of previous investors with the money of later comers. A few so-called investment projects are almost impossible to make a profit. The main function of these projects is to package investors to attract more deposits.

After the crime, the police verified that Jingyi group had three financing platforms - Jingyi group, Renyu company and Wanyue company. Kong Xiangyou was the actual controller. Some salesmen who used to work in Jingyi group stores admitted that they didnt know what assignment of creditors rights and financial leasing meant. They just wanted to sell the products as soon as possible to get bonus. In order to attract investment, the company provides different gifts according to the amount of investment, from cash red packets to gold bars and silver bars.

It is also reported that Guangde ritai, which was established by Jingyi Xintai optoelectronics, a subsidiary of Jingyi group, was financed by its Renyu company as a financial leasing project. In order to evade relevant laws and regulations, it superficially borrowed the qualification and account of Wanyue company to cross the bridge. In fact, a sum of investment money from customers was transferred to Jingyi Xintai optoelectronics, suspected of turning left hand to right hand for self financing.

Before the crime, Jingyi group also had a bright spot of external publicity, namely signing a contract to be listed in Australia. However, after verification by the police, Jingyi group and its affiliated companies have not listed or issued shares in China or Australia. Some of Jingyi groups salesmen said that there were internal training in the company. If investors asked about specific matters about stocks, they would prevaricate on the ground that the company is going through the process of backdoor listing. The so-called listing of another Jiayu company is actually the listing of the companys shares in the Shanghai equity custody trading center.

In the column of industrial exhibition on Jingyi groups website, there are many enterprises and projects, such as Jingyi Guangming Food Co., Ltd., colorful Wuzhou Group Co., Ltd., Mayu ayou Automobile Trading Co., Ltd. However, after initial investigation by the police, although these projects are not completely fictitious, they are difficult to operate and have little profit-making ability. Most of the assets held by Jingyi group are non-performing assets in the eyes of the industry. It is impossible to resume operation within a certain period of time. For the so-called assets, even if it is just a piece of wasteland, Jingyi group will set up a signboard. The companys executives admitted to police that the aim was to disguise the groups strong assets in order to absorb more capital. The 10 billion Ponzi scheme finally collapsed, leaving only chicken feathers on the ground. Source: China Fund News Author: Chu Shen, editor in charge: Wang Xiaowu_ NF

For the so-called assets, even if it is just a piece of wasteland, Jingyi group will set up a signboard. The companys executives admitted to police that the aim was to disguise the groups strong assets in order to absorb more capital.

The 10 billion Ponzi scheme finally collapsed, leaving only chicken feathers on the ground.