Technology, Consumer Staples, Financials May 17, 2022 05:10 PM (GMT+8) · EqualOcean
Erdos intermediate people's Court of Inner Mongolia Autonomous Region publicly sentenced Erdos yixiangcheng e-commerce Co., Ltd. and the defendant Wang Xiaokai on suspicion of fund-raising fraud, illegal absorption of public deposits, bigamy and concealment. The case is the first case of pension related fraud in Inner Mongolia Autonomous Region since the national special action to crack down on pension fraud. The trial found that from November 2016 to may 2018, the defendant yixiangcheng company and the defendant Wang Xiaokai publicized and illegally raised funds to unspecified objects in the society in the name of crowdfunding, free pension, preferential car purchase, debt resolution and so on. Yixiang city company has absorbed 362 million yuan from more than 1600 fund-raising participants. As of the time of sentencing, it has confirmed the fund-raising situation from 794 fund-raising participants, and the confirmed fund-raising amount is more than 204 million yuan, resulting in a direct loss of 107 million yuan.

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