Recently, the Gucheng Court tried a case of illegally absorbing public deposits, fraud, and money laundering, involving funds of 300 million, and the defendant Zhou was sentenced to 18 years in prison and fined 220,000 yuan.
Details of the case. On October 10, 2012, after the defendant Zhou registered and established the company, he violated the laws and regulations of the state on financial management by publicly publicizing and exaggerating the economic strength of his company to unspecified persons in the society without the approval of the relevant state departments, and promised a monthly interest of 09% to 13% high interest return, return of principal and interest at maturity, and use as you go to attract the public to deposit in the company. After auditing, from November 9, 2012 to October 31, 2021, Zhou's company and branches absorbed 39,300 funds from 808 unspecified targets in the society30,000 yuan, 7515 unreturned funds30,000 yuan.
Since January 2021, under the circumstance that the defendant Zhou was unable to pay the principal and interest of the company's investors, in order to continue the company's survival and repay the investors' principal and interest and other expenses, Zhou successively proposed loans to Bai and 27 others on the grounds that the project investment was in urgent need of funds and helped Wang complete the loan task, and promised that the principal and interest of the resulting loan would be returned by him, and after auditing, in addition to Zhou returning more than 151 yuan of online loan principal and interest to 27 people including Bai before the case, Bai and others were defrauded of a total of more than 879 yuan.
From March 21, 2021 to October 25, 2021, the company illegally absorbed 922 investment funds from investors Wang Moumou and others50,000 yuan, 17 of which Zhou will have970,000 yuan was remitted to a bank card in the name of her husband Chen (handled in a separate case) for repayment of housing loans, car loans, credit card debts, and fines for vehicle violations.
After the trial of the Gucheng Court, it was found that Zhou's above-mentioned acts violated the crimes of illegally absorbing public deposits, fraud and money laundering, and the amount of the crimes of illegally absorbing public deposits and fraud was particularly huge, and the Gucheng Court sentenced the defendant Zhou to the crime of illegally absorbing public deposits and sentenced him to eight years in prison and a fine of 100,000 yuancommitted fraud and was sentenced to 14 years imprisonment and a fine of 100,000 yuanHe was convicted of money laundering and sentenced to six months' imprisonment and a fine of 20,000 yuan. It was decided to enforce the sentence of 18 years imprisonment and a fine of 220,000 yuan. At the same time, the defendant Zhou was ordered to return RMB 7,486 to the economic losses of the fundraising participants in the crime of illegally absorbing public deposits50,000 yuan, and more than 8 million yuan for the economic losses of 27 victims of fraud including Chen.
The judge reminded: The defendant in this case, Zhou, publicly advertised that he would pay high monthly interest and repay the principal and interest when due, which seemed to have a high return, but high returns must be accompanied by high risks, and investments that exceed bank interest must be cautious. When faced with the temptations of projects with gorgeous packaging, high returns, and return of principal and dividends, the broad masses of the people must maintain a sober and cautious attitude, not be confused by the gorgeous clothes of criminals, and guard their "money bags."
Relevant legal provisions: Criminal Law of the People's Republic of China
Article 176 [Crime of Illegally Absorbing Public Deposits].
Whoever illegally absorbs deposits from the public or indirectly absorbs deposits from the public, disrupting the financial order, is to be sentenced to up to three years imprisonment or short-term detention and/or a fine;where the amount is huge or there are other serious circumstances, a sentence of between 3 and 10 years imprisonment and a concurrent fine is to be given;where the amount is especially huge or there are other especially serious circumstances, a sentence of 10 or more years imprisonment and a concurrent fine is to be given.
Where a unit commits the crime in the preceding paragraph, the unit is to be fined, and the directly responsible managers and other directly responsible personnel are to be punished in accordance with the provisions of the preceding paragraph.
Article 266: [Crime of Fraud].
where public or private property is defrauded, and the amount is relatively large, a sentence of up to three years imprisonment, short-term detention or controlled release is to be given, and/or a fine;where the amount is huge or there are other serious circumstances, a sentence of between 3 and 10 years imprisonment and a concurrent fine is to be given;where the amount is especially huge or there are other especially serious circumstances, a sentence of 10 or more years imprisonment or indefinite imprisonment is to be given, and a concurrent fine or confiscation of property. Where this Law provides otherwise, follow those provisions.
Article 191 [Money Laundering].
Whoever commits any of the following acts in order to cover up or conceal the proceeds and the proceeds thereof of drug-related crimes, organized crimes, terrorist activities, smuggling, bribery, crimes undermining the order of financial management, or financial fraud, shall be sentenced to up to five years imprisonment or short-term detention and/or a fine;where the circumstances are serious, a sentence of between 5 and 10 years imprisonment and a concurrent fine is to be given
a) Provision of a funding account;
2) Converting property into cash, financial instruments, or valuables;
3) Transferring funds through transfer or other payment and settlement methods;
4) Cross-border transfer of assets;
5) Using other methods to cover up or conceal the nature and nature of criminal proceeds and their proceeds.
Where a unit commits the crime in the preceding paragraph, the unit is to be fined, and the directly responsible managers and other directly responsible personnel are to be punished in accordance with the provisions of the preceding paragraph.
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