盟大集团兑付危机调查：是金融创新，还是“庞氏骗局”？

Core Viewpoint - The article discusses the withdrawal difficulties faced by investors in the "Liuke Yunbang" and "Xiaogu Shoufu" platforms under the Mengda Group, highlighting a liquidity crisis and investor concerns over potential fraud [1][2][3]. Group 1: Withdrawal Issues - Investors have reported that since October 2025, withdrawal channels on "Liuke Yunbang" have been malfunctioning, initially limiting large withdrawals and eventually freezing all funds [1][2]. - As of November 2025, over 3,000 investors are affected, with total funds involved exceeding 1 billion yuan [3][4]. Group 2: Company Response and Investor Sentiment - Mengda Group proposed a repayment plan that involves staggered payments based on the amount invested, with larger investments being converted into equity [2][6]. - The company's assurances regarding normal operations and adherence to the new repayment plan have failed to restore investor confidence, leading to reports of contract fraud [3][4]. Group 3: Crisis Origin - The crisis was attributed to a protective freeze on the company's bank accounts due to an external investigation into money laundering, which triggered mass withdrawal requests from investors [4][5]. - Economic downturns have also contributed to the company's financial struggles, with many client businesses facing overdue payments and bad debts [5]. Group 4: Business Model and Investor Trust - The "Liuke Yunbang" platform was marketed as a low-risk investment opportunity, promising stable returns through a supply chain financing model [8][9]. - Investors were led to believe in the existence of substantial underlying assets and warehouse facilities, which later turned out to be questionable [10][12]. Group 5: Legal and Regulatory Concerns - Investors have expressed concerns over the legality of the proposed repayment plan, fearing that converting their investments into equity may expose them to greater risks [15]. - Ongoing investigations by local authorities into the Mengda Group's operations have raised questions about potential illegal fundraising or other financial misconduct [15].