非法募集资金超千亿元 “和合系”非法集资系列案一审开庭

Core Points - The Shanghai Second Intermediate People's Court will publicly hear a case involving the "Hehe" companies and several individuals accused of fundraising fraud, illegal public deposit acceptance, and money laundering on November 19-20, 2025 [1] - The public prosecution alleges that from January 2019 to August 2023, the defendants, led by Lin Qiang, engaged in illegal fundraising activities amounting to over 100 billion RMB, with over 30 billion RMB in unpaid principal [4][7] - The defendants are accused of using fraudulent methods to attract investments by promising annual returns of 6% to 10.5%, while most of the raised funds were used to pay back previous investors [4][7] Summary by Sections Legal Allegations - The defendants violated multiple laws, including the Securities Investment Fund Law and regulations on private asset management, by promoting unapproved investment products [4] - They employed tactics such as splitting private investment products into multiple offerings and misleadingly using previously registered but liquidated products to attract investors [4] Financial Impact - The total amount of illegally raised funds is reported to exceed 100 billion RMB, with a significant portion used for repaying investors rather than legitimate business operations [4][7] - The defendants are accused of transferring over 800 million RMB of the illegally raised funds to conceal their origins [7] Court Proceedings - The court proceedings have attracted significant public interest, with over 130 attendees, including representatives from the Shanghai People's Congress, political advisors, and affected investors [7] - The court will announce its verdict at a later date [8]