Shanghai High People’s Court made a final judgment on the fund-raising fraud case involving the former actual controller, Chen Yi, and former senior executive, Jiang Jie, of Shanghai Fanxin Insurance Agency on 8 December 2015. Chen was sentenced to life imprisonment and Jiang to 15 years in prison for the crime of defrauding fundraising.
The relevant judgment states that: from February 2010 to July 2013, Chen and others entered into insurance agency agreements with some insurance companies via Fanxin, and recruited more than 400 insurance agents to its sales team in Shanghai and Zhejiang. Chen and others exploited the agents, or bank employees, to promote fake insurance financial products to more than 4,400 people, amounting to RMB1.3 billion (US$195 million) in Jiangsu, Zhejiang, Shanghai and other areas, and took more than RMB1 billion through refunding the service charges of insurance companies.
On 28 July 2013, Chen and Jiang found that the capital chain was going to rupture, and transferred nearly HK$50 million (US$6.4 million) to Hong Kong, also carrying over €830,000 (US$930,000) in cash as well as jewellery, luxury goods and other belongings. They were arrested in Fiji on 19 August. Their actions resulted in more than 3,000 investors incurring actual losses of a total of RMB800 million.
You must be a
subscribersubscribersubscribersubscriber
to read this content, please
subscribesubscribesubscribesubscribe
today.
For group subscribers, please click here to access.
Interested in group subscription? Please contact us.
你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章,欢迎成为我们的订阅会员成为我们的订阅会员。
Sam Zhao is a senior consultant at Wintell & Co
上海市浦东新区世纪大道1589号
长泰国际金融大厦1901室 邮编:200122
Room 1901-1905, Chamtime International Financial Centre, No. 1589 Century Avenue
Pudong, Shanghai 200122, China
电话 Tel: +86 21 6854 4599
传真 Fax: +86 21 6854 5667
电子信箱 E-mail:
sam.zhao@wintell.cn
www.wintell.cn