Raised millions of dollars with high interest rate as bait, and was sentenced to "playing disappear"

2022-11-08

Men, together with others, commit fraud and illegally raise funds in the name of establishing a company for the purpose of illegal possession. Recently, the People's Court of Dongchangfu District, Liaocheng City, Shandong Province publicly sentenced a fund-raising fraud case according to law. The defendant Qiu was sentenced to five years and ten months in prison and fined 200000 yuan for committing fund-raising fraud; The defendant Qiu Moumou and his accomplices were ordered to continue to refund the financial loss of 987332 yuan to the fund-raising participants and return the amount to the fund-raising participants according to the audit amount. The court found out through trial that from February 2021 to June 20, 2021, the defendant Qiu (also known as Xu) used his false identity to work with Zhang (another case), Xiang (another case) and others, in the name of Shandong Junyong Breeding Co., Ltd. registered by Zhang, to make up that the company had a breeding farm. On the grounds that funds were needed to expand the breeding scale, he used high interest rates ranging from 1.5% to 2% per month as bait, and issued leaflets to the society, A total of 1043600 yuan was absorbed from 49 people with no specific target in the society. After the funds were raised, the amount of funds absorbed was 15% for Zhang and 32% for salesmen. After the rent and other expenses were removed, the rest was shared by Qiu and Xiang. On or about June 20, 2021, the company closed for vacation, and Qiu and others lost contact. During this period, the company returned interest of 56268 yuan to the fund-raising participants, and actually defrauded 987332 yuan. It was also found that the family members of the defendant Qiu Moumou had refunded 30000 yuan to the public security organ. After the trial, the court held that the defendant Qiu used fraud to raise funds illegally in the form of a company established for the purpose of illegal possession. The amount was large, the evidence was conclusive and the facts were clear, which constituted the crime of fund-raising fraud. The public prosecution authorities accused the defendant Qiu Moumou of criminal facts and charges. The defendant Qiu actively participated in the crime, played a similar role and division of labor with other accomplices, and was not an accessory. The court did not accept the defense reason that the defendant Qiu Moumou's defender thought it was an accessory. In view of the fact that the defendant Qiu confessed his crime truthfully after arriving at the case, voluntarily pleaded guilty to punishment, and his family members returned part of the stolen money, he can be given a lighter punishment according to law. Accordingly, the court made the above judgment according to law. (Liu Xinshe)

Edit:Hou Wenzhe    Responsible editor:Luo Meihua

Source:chinacourt.org

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