Around world Human Rights Day on December 10, financial refugees in many parts of China took actions to protect their rights. At the platform’s headquarters in Beijing, some 4, 000 lenders chanted slogans such as “The country cheats, Nine Rich cheats”.
On December 7, about 4,000 victims of The nine Rich & Rich Platform went to the headquarters of the Nine Rich Digital Technology Group in Beijing to protect their rights, Shouting “Nine Rich pay back the money” and “The state cheated, Nine Rich cheated”. At one point, they knelt down and asked for the case to be filed. The police beat the activists, sprayed them with pepper spray and pulled them onto buses.
“The eyes of the kneeling people sprayed with hot pepper water were taken to the bus. My aunt’s eyes were too sore to open, and she asked to go to the hospital. The police officer ignored the cruelty to this point.” “The ZF (government) pretend to be deaf and dumb, shirk responsibility, kick the ball and toss the pot to the innocent people, and try to settle the matter with a punishment of non-collective nature and end it all…”
Ms. Wu (not her real name), a jiangxi lender, told reporters that lenders had gone to Beijing several times to defend their rights, including hundreds on Nov. 2. Many police chased the victims away, putting them on buses and driving them back to the Beijing office.
“On the 7th of December, we also had a lot of people from Jiangxi who went to the scene. Many people knelt on the ground and shouted, ‘Nine rich pay back the money.’ It was really overwhelming.” “We kept complaining that we couldn’t get through to the financial office,” she said. “He told us that the government was already supervising the case and that we couldn’t do it.”
Ms Wu and her family began investing in Wukong, a subsidiary of Jiufu Group, in 2017. Seeing advertisements on TV and mobile phone pages, one of the siblings invested more than 500,000 yuan. At the beginning of August this year, there is a total of less than account, online check just know that an accident.
Ms Wu said that nine rich lenders across the country are very large. On November 18, more than 100 people in Jiangxi went to the provincial economic investigation and public security Bureau’s letters and visits office, only for registration, but no case was filed. “There is a three brothers invested 6 million, there is a jiujiang woman invested 3 million, are very believe in this platform. Because the platform didn’t have that kind of record of violation before, and it often has this kind of coupon and cash return activities, asking these people to save money.”
“The platform started to explode around the end of August,” she said. “He was still sending out bids before November 1, [October] 30, trapping these people. Before November, we didn’t get the money back, but the interest was counted in the account. By November 1st, we got the money back.”
According to industrial and commercial data, Jiufu Digital Technology Group was founded in 2006 and has successively established more than ten independent wholly-owned or holding subsidiaries, including Nine Rich Technology, Tiyi Technology, Nine Rich Pratt & Whitney, Nine Rich Wallet, Nine Rich Wanka, Wanka Mall, Wukong Finance management, etc. JFU went public in the US in August 2019.
As of July 31, 2020, Nine Fupratt & Whitney had a balance of about 31.9 billion yuan and about 340,000 lenders.
On October 7, Jiufu Digital Announced that its P2P lending platform Jiufu Prhui was withdrawing from its P2P business, and offered three redemption schemes, including “rapid exit channel for full exchange of principal and interest”, “rapid exit channel for one-time transfer” and “exit channel for partial payment of principal and interest”. But investors said nine Fupratt’s exit plan was actually a “discount harvest”.
“The first is for you to go to the mall and buy something [vouchers], which are very expensive,” Says Wu. The second is to pay at a discount. After deducting the historical income, the principal gets a 1.6 percent discount. The third kind is three years back, this is not guaranteed, after three years how much change who also do not know, itself it has lost credit, who dare to wait three years ah?”
“Nine wealth was announced on December 7. We went to Beijing on December 7. Although the government wants to harvest us, we can’t just let it harvest us. We should try our best to fight for our rights without any resistance.”
Later, Ms. Wu said, “the platform put out an announcement asking us to download a creditor’s Rights app, but none of the three solutions were good. Some people are curious, want to open it, just click open, have not started to choose the default. Isn’t that enough to shake the pot? That announcement was an obvious money grab.” “I’m afraid to open an app now,” she said. Many victims simply uninstall the app, and if you accidentally run into anything, you get off the bus, you can celebrate the New Year, and the pig is killed. It’s too deceiving.”
P2P clearing zero outstanding repayment has been accused of dumping the pot to ordinary people
On November 27, Liu Fushou, chief lawyer of the Insurance Regulatory Commission of the Beijing Banking Regulatory Commission, said at caijing’s annual conference that by mid-November, the number of P2P Internet financial platforms on the mainland had gone from a peak of 5,000 to zero.
The problem, Says Ms Wu, is getting the money back to the lender. “The state is going to wipe out p2p, and you’ve wiped out these platforms, have you paid the money back to the lenders? Lying through your teeth, what about the lender’s money? You eat human flesh without spitting bones with people’s hard-earned money.”
“I call him a beast. I can say this, it’s a beast. He said that the P2P has been cleared, do not know the people are very happy with the popular acclaim, how to deal with the hard-earned money of these lenders? You cleared it. Where is it? The platform is still issuing the standard. If we don’t return the hard-earned money to us, how can we call it zero?”
“Xi jinping also talks about ‘poverty alleviation,'” Ms. Wu said. “He really makes these people poor. Because of this matter, some of the elderly people in their families fell ill and couldn’t get money out, so they couldn’t get treatment in time. They all died, and there were pictures of them.” .
She also gave the example of a helpless daughter who got off the school bus when she was 9 and was killed by a truck. The accident cost her only $200,000. She invested the money in Jiufu platform and kept it under pressure until it disappeared.
In August, Guo Shuqing, chairman of the China Insurance Regulatory Commission, said in an interview with China Central Television that lenders had not recovered more than 800 billion yuan in funds.
“Our demand is full repayment of principal and interest,” Ms. Wu said. “The lowest demand is repayment of principal.”
According to a contract provided by Ms. Wu, the Borrower of Party A and Beijing Jiufu Pratt & Whitney Information Technology Co., Ltd. of Party A and Party B have signed the Loan Consulting and Management Service Agreement. The platform provides the borrower with loan consulting, recommendation matching and other services, and collects the special fund of the guarantee plan from the borrower.
Screenshot of the Loan Consulting and Management Service Agreement signed by the lender and Beijing Jiufu Puhui Information Technology Co., LTD. (Provided by interviewee)
In the lenders’ view, the accrued protection plan funds received by Nine Rich can be fully covered by the current claims and interest.
“In fact, he doesn’t pay for these people because his platform is rich,” Wu said. Sun Lei, the CEO of Nine Wealth, graduated with a master’s degree in finance from Peking University. On the 2019 Hurun Rich List, Sun ranked 828th with a wealth of 5 billion yuan.
“The scourge of virus, nine rich and man-made disasters”
Ms Wu blames the platform’s blatant grab for the government’s backing. “If there is no government agency behind it, why does Beijing not file such a big deal? Why are ordinary people forced out to beg for their hard-earned money? And to be beaten?” “Harvest us, the government eats the big head, he eats the small head, that’s all.”
“Last time we registered in Nanchang, we registered all the loan amount and identity information. The second day after I came back, our local police station called us and asked us to protect our rights in a reasonable way, lest we go to Beijing.”
The police also threatened to tell the local secretary of her in-laws’ home about the incident, which the old man himself did not know about and which She feared she could not bear to hear. “Every day is a day.”
“We are victims,” Ms. Wu demanded. “You are always trying to suppress us. You can’t do this or that. This problem does not go to help us to seek justice, fund-raising fraud people you do not go to find, but still blindly suppress the people?”
“The platforms we invest in don’t have excessive interest rates and are protected by the state and things like that,” she said. This platform is approved by the government department, and the advertisements are all made by celebrity spokesmen. With such a loud advertisement on CCTV, we will not believe these platforms to lure these common people. Put all your belongings inside.”
“We have dodged the epidemic, but not the financial scam of 2020,” another victim said.
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