永坤黄金骗局：那些被认定妥善保管的黄金，多数从未存在过

Core Viewpoint - The collapse of Yongkun Gold, a jewelry company, has revealed a fraudulent scheme disguised as a gold investment platform, leading to significant financial losses for investors [1][3][25]. Company Overview - Yongkun Gold was established in March 2014, with a major shareholder holding 66.66% of the company [1]. - The company operates over 50 gold jewelry sales outlets across various regions, including Zhejiang, Guangdong, and Hong Kong [1]. - As of November 7, 2024, Yongkun Holdings reduced its registered capital from 112 million to 102.3 million yuan [1]. Investment Scheme - Yongkun Gold promoted its services with slogans like "store gold to earn interest" and "capital preservation through gold trading" [3]. - Investors were unable to withdraw their funds on May 20, 2025, as all redemption channels were closed [3]. - The company had previously faced withdrawal issues in 2021 but continued to operate under the same brand [5]. Contractual Agreements - Investors signed three contracts: a gold sales purchase contract, a gold custody contract, and a gold repurchase contract, promising annual returns of 6.5% to 9% depending on the investment amount [9][12]. - The investment model claimed that regardless of gold price fluctuations, investors would either profit from selling or receive a refund, creating an illusion of a risk-free investment [13][14]. Fraudulent Practices - Investigations revealed that most of the gold supposedly held for investors never existed, with funds being transferred directly to the personal account of the chairman [6][24]. - The company misled investors into believing their gold was securely stored in bank vaults and insured, but insurance only covered specific risks like fire and explosion [21][22]. Marketing and Promotion - Yongkun Gold utilized a multi-level marketing strategy, incentivizing existing customers to recruit new investors with promises of high commissions [30][32]. - The company falsely claimed to be listed, which was misleading as it was only registered on a local equity transfer platform [20]. Financial Implications - As of April 28, 2025, Yongkun Gold had at least 4.1 billion yuan in insured gold assets, but the reality of these assets was questionable [22]. - The company's operational model resembled a Ponzi scheme, with funds being pooled and used to pay returns to earlier investors rather than being invested in actual gold [26][27]. Conclusion - The case of Yongkun Gold serves as a cautionary tale about the risks associated with seemingly guaranteed investment returns, particularly in the gold sector, which is often perceived as a safe haven [33].