The Supreme People's Procuratorate recently released the 44th batch of guiding cases with the theme of Financial crime, involving illegal fund-raising of private funds, counterfeiting of currency, cash out through POS machines and other criminal acts. The head of the Fourth Procuratorial Office of the Supreme People's Procuratorate stated that it will improve the mechanism for dispatched procuratorial work in the procuratorial office of the China Securities Regulatory Commission, and focus on solving difficult problems such as guiding evidence collection, recovering stolen goods and losses, and connecting execution in both directions; Punish illegal fundraising, loan fraud, money laundering, securities and futures crimes in accordance with the law, pay more attention to the trend of crimes related to financial "innovation" and financial black and gray industries, increase criminal punishment and recovery efforts, and better assist in preventing and resolving financial risks through high-quality and efficient performance of duties. Private equity funds are prohibited from self financing in disguised form. There are three guiding cases in this batch, namely: illegal fundraising by Zhang Yeqiang and others, currency forgery by Guo Siji and Xu Weilun and others, and illegal business operation by Sun Xudong. Among them, the illegal fundraising case by Zhang Yeqiang and others is a new type of criminal case involving private equity funds, which has guiding significance for correctly distinguishing between legitimate private equity and illegal fundraising. The highest inspection pointed out that private equity funds are a form of non-public fundraising, which is significantly different from public fundraising activities. The issuance and sale of private equity funds must be carried out in accordance with the law and regulations, and must not exceed the bottom line of "private equity". The above person in charge believes that the key points to distinguish between legitimate private equity and illegal fundraising are that private equity funds shall not be self financing in disguise, shall not be publicly promoted to society, shall not promise no loss or minimum return of funds, shall not raise funds from units and individuals other than qualified investors, and the cumulative number of investors in a single private equity fund shall not exceed the prescribed number, As stipulated in the Interim Measures for the Supervision and Administration of Private Investment Funds, the cumulative number of fund unit holders shall not exceed 200. In the process of raising funds, those who have the above prohibitive behaviors at the same time violate both the relevant laws and regulations on private fund management and the provisions on prohibition of illegal fund-raising, such as the Law of the China on Commercial Banks, the Regulations on Prevention and Disposal of Illegal Fund Raising, and are no longer "private placement" behaviors, but illegal fund raising, which should be punished according to law. Investing in private equity funds requires investors to have a higher level of risk identification and tolerance. "The above-mentioned person in charge pointed out that from the perspective of case handling, some investors still have a vague understanding of the nature, risks, and differences between private equity funds and public equity funds. I hope that investors will pay high attention to the risks of illegal and criminal activities in the field of private equity funds, and improve their ability to identify and prevent them. Private equity fund practitioners should abide by the law and operate with integrity, issue and sell private equity funds in accordance with the law and regulations, and jointly maintain the healthy development of the multi-level capital market. The legal punishment of securities and futures crimes involves the next steps to help prevent and resolve financial risks. The above-mentioned person in charge pointed out that the procuratorial organs will actively adapt to the reform requirements of financial regulatory agencies, improve the financial procuratorial work mechanism, and better assist in preventing and resolving financial risks by performing their duties with high quality and efficiency. Specifically, it is necessary to highlight the key points, punish illegal fundraising, loan fraud, money laundering, securities and futures crimes in accordance with the law, pay more attention to the criminal trends related to financial "innovation" and financial black and gray industries, and increase criminal punishment and recovery efforts. We need to improve the mechanism of financial procuratorial work and strengthen cooperation with relevant departments such as public security organs and financial supervision departments