P2P has staged a “closing ceremony,” but many financial refugees still have no way to protect their rights. “The petitioners are being suppressed and sentenced, and the crooks and corrupt officials are getting away with it,” said Liu Xiaohui, an overseas Chinese who is a victim of the billion dollar financial guarantee company, “The Golden Disaster, the eternal pain of hundreds of millions of cheated people in China.”
The company has been in the process of developing the new product for the past few years, and has been working on a number of new products, including a new product for the first time ever. In addition, the local police public security departments acted as their accomplices.
Liu Fushou, the chief lawyer of the China Banking and Insurance Regulatory Commission (CBIRC), recently claimed at the annual conference of Caijing that by mid-November of this year, the number of P2P connected financial platforms on the mainland had been zeroed out from a peak of 5,000. In August this year, according to Guo Shuqing, chairman of the CBRC, in an interview with CCTV, lenders still had more than 800 billion yuan of funds to recover.
From the mainland’s first P2P company Pai Pai Loan was established in June 2007, to 2015, P2P began to explode, then the industry thunder rolled, so far zeroed out, before and after only 13 years.
There are too many victims around, Liu Xiaohui said. It’s not just a matter of time, it’s also a matter of time before you get to the point where you can’t do anything.
Baino lightning alleged financial fraud
Liu Xiaohui told his own personal experience. He was caught up in the Henan Yinuo investment guarantee company guarantee loan fraud, I and my family and friends were cheated more than six million yuan. The main Cai Desheng family in Henan, Zhengzhou Yinuo as the main body opened a number of guarantee or wealth management company, the background is the public security, political and legal officials, after all the explosion of thunder, pitted thousands of people more than three billion.
The company’s headquarters is located in Zhumadian. The region of Zhumadian, Henan has a lot of liars, because there is poorer, some are liars village, using various ways to cheat.
In recent years, the country engaged in virtual economy, network finance, a variety of guaranteed wealth management companies, financial lending platform and even family organized fraud groups emerged.
The public data shows that Henan Yinuo Investment Guarantee Co., Ltd. was established in 2009, is by the Henan Provincial Department of Industry and Information Technology, Zhengzhou Small and Medium-sized Enterprises Bureau for approval, record (record certificate No.: ZD20100101), issued a business license, paid registered capital of 110 million yuan.
There are various honors and photos of leaders on the walls of the company, including photos of Cai Desheng and Wang Wei, deputy secretary of the Henan Provincial Political and Legal Committee, as well as various honors and media publicity of Cai himself.
Before and after leaving the country in 2016, Liu Xiaohui was introduced by a friend, and his family and friends invested a total of 6.04 million yuan in the company, giving one point five to two points of interest per month.
In addition to Zhengzhou, members of the Cai Desheng family (his sister Cai Yunfeng and Cai Chunfeng, brother-in-law Li Dong and Zhang Chao, brother-in-law Yu Qiang, etc.) opened several branches in Zhumadian Yiyang, Zhoukou, Luoyang and other places. These include Luoyang Yimeng Investment Guarantee Co. Ltd, Qisheng Famous Car Plaza, Qili Network (P2P), Qisheng Car Loan (small loans), Qisheng Capital (private equity), and Hengrui Fire Protection.
“They recruit a lot of salespeople, but it’s through acquaintances, relatives, friends, and I think it’s like a pyramid scheme. A lot of college graduates do their first job, not to make money for their families, but to lose their families’ money into it, it’s really a trap.” Mr. Liu said.
Just after the New Year in 2016, Mr. Liu received a notice to a meeting at Yinuo, Mr. Liu at first thought it was the company’s appreciation meeting, only to find out that it was the company’s capital chain breakage explanation meeting. “It was a seven-day meeting, with more than a hundred people each day, because he was afraid to call in all of the more than a thousand people at once,” Liu Xiaohui said, “They stabilized everyone and said they would slowly pay back the money. It’s also a good idea to have a good idea of what you’re looking for.
“Enno company year before the year publicity to absorb public deposits, immediately after the year announced the break in the financial chain, it is clear that the intention to fraud.” Mr. Liu said. In this way, Yino and Uyang County Branch, Kai ride on the famous car, Kai Li wealth all burst in 2016. “Some of the victims’ lifelong hard-earned money, living money, pension money, so blood money, almost complete loss of economic life basis …… some elderly customers were hospitalized, young people do not want to work around to protect rights, many families couples turned against each other, fathers and sons into a feud! ……”
Over the past five years, Mr. Liu has learned that several petitioners have been reprimanded, detained, and three victims have even been sentenced to prison (probation). “Many more were detained, or warned to you! If you have a civil servant in your family, he will threaten you with dismissal if you make trouble again; if you have a business in your family, he will check your taxes. So many people are scared to sue. I feel that there is no daylight now,” he said. He said.
Backstage of Yeno is the secretary of the Public Security and Political and Legal Committee.
In the end, Liu Xiaohui found a police officer from the Zhengzhou Municipal Public Security Bureau, Yang Zhenwei, and hoped that he would coordinate the recovery of the principal. I didn’t expect to be asked for 500,000 cash by Yang Zhenwei, but the matter remained unresolved. The only thing I learned from Yang was that Cai’s backer was Wang Wei, deputy secretary of the Henan Provincial Political and Legal Committee, who is also Cai’s cousin-in-law.
In a recorded conversation, Yang Zhenwei said, “I, as Cai Desheng’s core advisor, told him to trade time for space (which ultimately cost the gullible client nothing).
“He asked me for $600,000 to $700,000, and I didn’t have that much cash, so I said I’d give you $300,000 first, and borrowed money from a relative to give to him. Later I had to report him to the inspection team, and only on April 26 and 27, 2018 did I return the money,” Liu Xiaohui said.
Liu Xiaohui once raised 300,000 cash to Zhengzhou City Economic Investigation Detachment Third Grade Police Inspector Yang Zhenwei.
Liu Xiaohui learned that Du Binying, the wife of Wang Wei, former deputy secretary of the Henan Provincial Political and Legal Committee, is the cousin of Cai Desheng of Eino, and Du Binying’s brother is Du Binguo, former secretary of the Hainan Provincial Political and Legal Committee (who died on April 18, 2020, in Hainan at the age of 75).
With Yang Zhenwei stepping in, Cai’s second sister promised to help cash in on the property. “The so-called quality asset is a house in a very remote small county in Zhumadian (two houses in Yi Feng Holiday Plaza, Suiping County), and the result of the implementation is that the house has already been mortgaged to the Construction Bank, and the house is still a bad building, the elevator is still not running, water and electricity are not connected. It’s just sitting there. They took the real money and gave us a bunch of junk assets.”
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According to the report, the Cai Desheng family opened financial management companies in Zhengzhou, Luoyang, and Yiyang, as well as some development projects. Star Ocean Property, Royal Garden City, and some Shangqiu projects, investing in county-level cities. Mr. Liu believes that if you really do business, you can develop it in Zhengzhou, and there will be no such thing as a house that can’t be sold or that will end badly.
“The company’s main goal is to provide you with the best possible service to your customers. Fourth-tier cities may be two or three thousand a square foot, give you figure eight or nine thousand, which is equivalent to he not only sold the house, offset the bill, but also made two or three times the profit.”
“A lot of people have asked for his last building. To the end of the building has not been under my name for five years now, that is to continue to cheat.” Due to Liu Xiaohui’s constant demands to recover his losses and sue, Yang Zhenwei threatened to cancel his green card, send him to jail, and destroy his family.
Yang Zhenwei, a police officer from the Zhengzhou Public Security Bureau’s Economic Investigation Branch, threatened to send Mr. Liu to jail and his family to ruin. Pictured is a screenshot of the WeChat conversation.
Later, Liu Xiaohui pursued the matter through an acquaintance in the Henan Provincial Public Security Department and learned that Deputy Director Gao Wanxiang was related to Cai and was also Cai’s backer. The first thing I noticed is that there are a lot of people in the city who are not familiar with the city, and they are all from Zhumadian. It was only then that Mr. Liu realized, “Cai is the white glove of Wang Wei and Gao Wanxiang, who conspired to defraud the people of a huge amount of wealth.”
“Wang Wei has retired. But Gao Wanxiang was promoted to the throne of the deputy director of the provincial public security department in the year we exploded, and Cai’s financial support is inseparable.” Liu Xiaohui said.
After the incident, the victims also found in the company’s executive vice president Liu Hanping office documents of the government and other units of the “2016 Spring Festival gift distribution arrangement details,” covering officials from the provincial Department of Industry and Information Technology, the Municipal Bureau of Industry and Information Technology to the Jinshui District headquarters, as one of the evidence of corruption of government officials involved in the case.
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