Core Viewpoint - The article discusses a significant case of fundraising fraud involving a P2P platform named "Caishen Online," where the actual controller, Luo, a former financial regulatory official, was sentenced to 12 years in prison for illegally raising over 1 billion yuan from the public [2][5][7]. Group 1: Case Overview - The case involves Luo and two accomplices who illegally raised funds exceeding 1 billion yuan through fraudulent means, including creating shell companies and fabricating loan information [2][3][4]. - The fraudulent activities were conducted through the "Caishen Online" platform, which promised high returns to attract investors [3][4]. Group 2: Operational Mechanism - The operational model included soliciting loan requests from businesses, creating financing products, and using shell companies to fabricate loan demands, leading to significant financial losses for investors [3][4]. - Luo and his team employed various promotional strategies, including public meetings and social media, to lure investors with promises of high interest and capital protection [4]. Group 3: Legal Proceedings - The Chongqing First Intermediate People's Court upheld the original ruling, stating that the actions of Luo and his accomplices constituted fundraising fraud due to their intent to illegally occupy funds [6][7]. - The court sentenced Luo to 12 years in prison and imposed fines on him and his accomplices, with a total of 10.67 billion yuan raised from over 1,000 investors [7]. Group 4: Background of the Key Figure - Luo, born in June 1962, had a significant background in financial regulation, having held various positions in the People's Bank of China and the Chongqing Financial Office before transitioning to the private sector [9][10]. - His previous experience in financial regulation and subsequent involvement in fraudulent activities have drawn considerable attention within the financial community [9].