The case of ＂Wen Shenwei＂ illegally absorbing public deposits of 38.6 billion yuan was pronounced in the first instance.

CCTV News:According to WeChat official account, the Higher People’s Court of Guangdong Province, today, the Shenzhen Intermediate People’s Court publicly pronounced the case of illegal fund-raising by the defendant Lin Wenfeng and others in the first instance. Lin Wenfeng, the founder and actual controller of Shenzhen Wenshenwei Investment Co., Ltd., Shenzhen Dayuntong Pawn Co., Ltd. and Shenzhen Gongxinying Financial Information Service Co., Ltd., was convicted of fund-raising fraud, sentenced to life imprisonment, deprived of political rights for life, and confiscated all personal property. The remaining 11 defendants were sentenced to nine to two years in prison and fined for participating in fund-raising crimes.　

The court found that from November 2009 to July 2020, Lin Wenfeng and others successively set up WenShenwei Company, Dayuntong Company and Gongxinying Company, and illegally absorbed 38.6 billion yuan of public deposits from more than 150,000 people in the form of P2P online loans and private loans. During the period, Lin Wenfeng and others continued to carry out illegal fund-raising activities knowing that the company had a huge funding gap. The funds raised were mainly used for non-operating purposes such as repaying principal and interest, paying brokers’ commissions, and the fund-raising fraud exceeded 11.8 billion yuan.

The court held that the criminal acts of Lin Wenfeng and others caused huge property losses and seriously disrupted the financial order. The court made the above judgment according to the facts, nature, circumstances and social harm of each defendant.

Some NPC deputies, CPPCC members, special supervisors, defendants’ families and representatives of fund-raising participants attended the verdict.

It is understood that after Lin Wenfeng and others were brought to justice, the public security organs made every effort to recover assets such as funds, equity and real estate involved. The assets that have been recovered to the case will be returned to the fund-raising participants according to law after the judgment takes effect.