The criminal gang set up a shell auction company, falsely claiming that it could help the elderly auction their collections at a high price, and defrauded the victims' money on the grounds of paying the commission auction fee, appraisal fee and deposit in advance, resulting in huge economic losses to many elderly people. Recently, the Dongcheng District People's Court of Beijing held a court session to hear a fraud case and pronounced a judgment in court. The defendant Yang was the business director of the company. The court sentenced him to 12 years' imprisonment, deprived him of political rights for two years and fined him 120000 yuan for fraud; Order the defendant Yang and other accomplices to return and compensate the loss of 3.208 million yuan to each victim; The defendant Yang was ordered to pay back 20000 yuan to the victim Hao. The court found that from July 2019 to November 2019, the defendant Yang, together with Gao and others (to be dealt with separately), called the victims Wang (then 90 years old), Hao (then 71 years old) and others in an International Auction Co., Ltd. to ask the victims to bring the collection to the company. Later, the court invented a fact that could help the victims auction the collection at a high price, defrauding 92 victims such as Wang and Hao of a total of 3.208 million yuan. In April, 2020, after the defendant Yang resigned from the aforementioned company, he still made up the fact that he could help the victim Hao auction his collection, defrauded Hao of 20000 yuan and took the money as his own. On April 13, 2021, the defendant Yang was arrested. The court held that for the purpose of illegal possession, the defendant Yang, alone or in collaboration with others, fabricated the fact that the collection could be auctioned at a high price, defrauding the victim of a huge amount of money. His behavior infringed upon the property ownership of citizens and constituted a crime of fraud, which should be punished according to law. The facts charged by the public prosecution organ are clear, the evidence is reliable and sufficient, and the charges are guilty. Accordingly, the court made the above judgment of first instance. (outlook new era)