Shanghai No.2 Intermediate People’s Court held a trial in the first instance to hear the defendant Zhong Decai’s fund-raising fraud case.

　　CCTV News:According to WeChat WeChat official account of Shanghai No.2 Intermediate People’s Court, on June 12th, the Shanghai No.2 Intermediate People’s Court held a trial in the first instance to hear the defendant Zhong Decai’s fund-raising fraud case.

　　The public prosecutor accused that from November 2012 to March 2020, the defendant Zhong Decai actually controlled companies such as Shanghai Kaichen Industrial Co., Ltd. (hereinafter referred to as Kaichen Company) and illegally raised funds from unspecified public in the name of investing in nursing homes, renting old-age rooms, beds and providing old-age services. Among them, illegal fund-raising from 1917 fund-raising participants who have reported the case totaled RMB 761 million (the following currencies are all RMB). As of June 2020, there are still more than RMB 615 million in unpaid principal. From November 2015 to June 2020, the defendant Zhong Decai used Kaichen Company, Hangzhou Kaichao Pension Investment Management Co., Ltd., Zhejiang Huagu Pension Service Co., Ltd. and other companies involved to illegally raise more than 160 million yuan from the unspecified public, and there are still more than 145 million yuan in unpaid principal. From September 2016 to April 2019, the defendant Zhong Decai and others used Shanghai Fulekang Community Pension Service Co., Ltd. to illegally raise more than 363 million yuan from the unspecified public, and more than 166 million yuan of principal remained unpaid. The public prosecution agency believes that the defendant Zhong Decai used fraud to illegally raise funds for the purpose of illegal possession, and the amount was huge, so he should be investigated for criminal responsibility for the crime of fund-raising fraud. If Zhong Decai commits a new crime within the probation period of probation, his probation shall be revoked and several crimes shall be punished concurrently.

　　During the trial, the public prosecution agency produced relevant evidence, and the litigation agent entrusted by the fund-raising participants expressed his opinions. The defendant Zhong Decai and his defenders expressed their opinions on the facts, charges and sentencing accused by the public prosecution agency.

　　More than 30 representatives of fund-raising participants attended the trial.

　　The Shanghai No.2 Intermediate People’s Court will decide the case in due course.