{"id":472,"date":"2020-07-29T13:20:03","date_gmt":"2020-07-29T13:20:03","guid":{"rendered":"https:\/\/english.bankingkhabar.com\/?p=472"},"modified":"2020-07-29T13:20:03","modified_gmt":"2020-07-29T13:20:03","slug":"shanlin-finance-founder-sentenced-to-life-in-prison-for-70b-yuan-p2p-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/english.bankingkhabar.com\/?p=472","title":{"rendered":"Shan\u00adlin Fi\u00adnance Founder Sen\u00adtenced to Life in Prison for 70B Yuan P2P Ponzi Scheme"},"content":{"rendered":"<p><a href=\"https:\/\/english.bankingkhabar.com\/?attachment_id=473\" rel=\"attachment wp-att-473\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-473\" src=\"https:\/\/english.bankingkhabar.com\/wp-content\/uploads\/2020\/07\/Fraud.png\" alt=\"\" width=\"821\" height=\"520\" srcset=\"https:\/\/english.bankingkhabar.com\/wp-content\/uploads\/2020\/07\/Fraud.png 632w, https:\/\/english.bankingkhabar.com\/wp-content\/uploads\/2020\/07\/Fraud-300x190.png 300w\" sizes=\"auto, (max-width: 821px) 100vw, 821px\" \/><\/a>The man at the cen\u00adtre of an im\u00admense P2P Ponzi scheme that il\u00adle\u00adgally raised over 70 bil\u00adlion yuan from more than 620,000 in\u00advestors has re\u00adceived a life sen\u00adtence from the Chi\u00adnese\u00a0court\u00a0sys\u00adtem.<\/p>\n<p>On 24 July the Shang\u00adhai First In\u00adter\u00adme\u00addi\u00adate Court de\u00adliv\u00adered its ver\u00addict on the fi\u00adnan\u00adcial fraud case in\u00advolv\u00ading Shan\u00adlin (Shang\u00adhai) Fi\u00adnan\u00adcial In\u00adfor\u00adma\u00adtion Ser\u00advices Co., Ltd.\u00a0 and 12 re\u00adlated in\u00addi\u00advid\u00adu\u00adals, in\u00adclud\u00ading com\u00adpany founder Zhou Boyun .<\/p>\n<p>The court im\u00adposed a fine of 1.5 bil\u00adlion yuan upon Shan\u00adlin Fi\u00adnance for fraud\u00adu\u00adlent fund-rais\u00ading, as well as gave life sen\u00adtences to Zhou Boyun and Tian Jing\u00adsheng along\u00adside fines of 70 mil\u00adlion yuan and 8 mil\u00adlion yuan re\u00adspec\u00adtively.<\/p>\n<p>The ten other de\u00adfen\u00addants re\u00adceived prison sen\u00adtences of be\u00adtween 16 to 60 years, and fines of be\u00adtween 500,000 yuan and 2.5 mil\u00adlion\u00a0yuan.<\/p>\n<p>Shan\u00adlin Fi\u00adnance was first founded by Zhou Boyun in Oc\u00adto\u00adber 2013 with reg\u00adis\u00adtered cap\u00adi\u00adtal of 1.2 bil\u00adlion, and went on to es\u00adtab\u00adlish over 1000 en\u00adti\u00adties in 29 provinces around China to pro\u00advide a range of on\u00adline fi\u00adnan\u00adcial\u00a0ser\u00advices.<\/p>\n<p>The court found that Shan\u00adlin Fi\u00adnance had \u201cadopted meth\u00adods in\u00adclud\u00ading false es\u00adtab\u00adlish\u00adment of cred\u00adi\u00adtor\u2019s rights, false es\u00adtab\u00adlish\u00adment of lender in\u00adfor\u00adma\u00adtion and false ad\u00adver\u00adtis\u00ading to seek il\u00adle\u00adgal prof\u00adits\u2026and il\u00adle\u00adgally raised a to\u00adtal of over 73.687 bil\u00adlion yuan in funds from over\u00a0620,000\u00a0in\u00advestors.\u201d<\/p>\n<p>These funds were all trans\u00adferred to Shan\u00adlin Fi\u00adnance and a bank ac\u00adcount that was con\u00adtrolled by Zhou Boyun, with 56.759 bil\u00adlion yuan used to make pay\u00adments of prin\u00adci\u00adpal and in\u00adter\u00adest to pre\u00advi\u00adous in\u00advestors, and 3.463 bil\u00adlion yuan used for in\u00advest\u00adment pro\u00adjects, the pur\u00adchase of com\u00adpany eq\u00aduity and the pur\u00adchase of over\u00adseas\u00a0shares.<\/p>\n<p>A fur\u00adther 3.539 bil\u00adlion yuan was used by Shan\u00adlin for both on\u00adline and of\u00adfline lend\u00ading pur\u00adposes, with the re\u00admain\u00ading amount used for op\u00ader\u00adat\u00ading ex\u00adpenses, salaries, com\u00admis\u00adsions and loans to\u00a0af\u00adfil\u00adi\u00adates.<\/p>\n<p>Ac\u00adcord\u00ading to the court the Shan\u00adlin Fi\u00adnance Ponzi scheme caused real eco\u00adnomic losses of over 21.7 bil\u00adlion yuan to more than 250,000\u00a0in\u00advestors.<\/p>\n<p>In April 2018 the Shang\u00adhai po\u00adlice an\u00adnounced via their of\u00adfi\u00adcial Weibo ac\u00adcount that the le\u00adgal rep\u00adre\u00adsen\u00adta\u00adtive of Shan\u00adlin Fi\u00adnance had been ar\u00adrested and an in\u00adves\u00adti\u00adga\u00adtion had been launched by pub\u00adlic se\u00adcu\u00adrity\u00a0of\u00adfi\u00adcials.<\/p>\n<p>Ac\u00adcord\u00ading to a sub\u00adse\u00adquent an\u00adnounce\u00adment a to\u00adtal of eight in\u00addi\u00advid\u00adu\u00adals had been ar\u00adrested for \u201ccre\u00adat\u00ading fund pools by ob\u00adtain\u00ading funds from the pub\u00adlic via a range of wealth man\u00adage\u00adment prod\u00aducts of dif\u00adfer\u00adent ma\u00adtu\u00adri\u00adties and re\u00adturns, to be pro\u00advided to Zhao Boyun for\u00a0dis\u00adcre\u00adtionary\u00a0us\u00adage.\u201d<\/p>\n<p>In Au\u00adgust 2019 the the Pudong branch of Shang\u00adhai\u2019s pub\u00adlic se\u00adcu\u00adrity bu\u00adreau an\u00adnounced that a trial of Shan\u00adlin Fi\u00adnance ex\u00adec\u00adu\u00adtives had com\u00admenced, and that po\u00adlice had al\u00adready seized 1.6 bil\u00adlion yuan in cash as well as frozen re\u00adlated\u00a0bank\u00a0ac\u00adcounts.<\/p>\n<p>In 2019 Chi\u00adnese reg\u00adu\u00adla\u00adtors also launched a heavy-handed crack\u00addown on do\u00admes\u00adtic P2P lend\u00ading due to con\u00adcerns over wide\u00adspread fraud and crim\u00adi\u00adnal con\u00adduct in the sec\u00adtor.<\/p>\n<p><em><strong>Posted by china banking news<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The man at the cen\u00adtre of an im\u00admense P2P Ponzi scheme that il\u00adle\u00adgally raised over 70 bil\u00adlion yuan from more than 620,000 in\u00advestors has re\u00adceived a life sen\u00adtence from the Chi\u00adnese\u00a0court\u00a0sys\u00adtem. On 24 July the Shang\u00adhai First In\u00adter\u00adme\u00addi\u00adate Court de\u00adliv\u00adered its ver\u00addict on the fi\u00adnan\u00adcial fraud case in\u00advolv\u00ading Shan\u00adlin (Shang\u00adhai) Fi\u00adnan\u00adcial In\u00adfor\u00adma\u00adtion Ser\u00advices Co., Ltd.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Shan\u00adlin Fi\u00adnance Founder Sen\u00adtenced to Life in Prison for 70B Yuan P2P Ponzi Scheme - Bankingkhabar<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.bankingkhabar.com\/?p=472\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shan\u00adlin Fi\u00adnance Founder Sen\u00adtenced to Life in Prison for 70B Yuan P2P Ponzi Scheme - Bankingkhabar\" \/>\n<meta property=\"og:description\" content=\"The man at the cen\u00adtre of an im\u00admense P2P Ponzi scheme that il\u00adle\u00adgally raised over 70 bil\u00adlion yuan from more than 620,000 in\u00advestors has re\u00adceived a life sen\u00adtence from the Chi\u00adnese\u00a0court\u00a0sys\u00adtem. On 24 July the Shang\u00adhai First In\u00adter\u00adme\u00addi\u00adate Court de\u00adliv\u00adered its ver\u00addict on the fi\u00adnan\u00adcial fraud case in\u00advolv\u00ading Shan\u00adlin (Shang\u00adhai) Fi\u00adnan\u00adcial In\u00adfor\u00adma\u00adtion Ser\u00advices Co., Ltd.\u00a0 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/english.bankingkhabar.com\/?p=472\" \/>\n<meta property=\"og:site_name\" content=\"Bankingkhabar\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-29T13:20:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/english.bankingkhabar.com\/wp-content\/uploads\/2020\/07\/Fraud.png\" \/>\n\t<meta property=\"og:image:width\" content=\"632\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/english.bankingkhabar.com\/?p=472\",\"url\":\"https:\/\/english.bankingkhabar.com\/?p=472\",\"name\":\"Shan\u00adlin Fi\u00adnance Founder Sen\u00adtenced to Life in Prison for 70B Yuan P2P Ponzi Scheme - 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