Borrowing tens of millions, then disappearing with the money - First instance sentenced to life imprisonment, confiscation of all personal property - Zhang Yuxue - Morning Post News: Although Fang Ying'e had a low level of education, she managed to expand her home appliance business from her hometown of Guangde to Hefei. However, she was not satisfied and began borrowing money in Hefei to purchase storefronts. She also invested part of the borrowed money in Guangde to buy a piece of land for a factory. In just a few short years, she accumulated high-interest loans totaling over ten million yuan before fleeing to another place (previously reported by our newspaper). On December 8th, it was revealed that Fang Ying'e was sentenced to life imprisonment for fraud, deprived of political rights for life, and had all her personal property confiscated.
Fang Ying'e, born in 1968, completed primary school education and worked as an individual entrepreneur. Originally, she ran a home appliance business in her hometown of Guangde. In 2006, Fang Ying'e set her sights on the Hefei home appliance market and opened a home appliance wholesale store within Anhui's large market.
Between 2009 and 2010, Fang Ying'e used the promise of high interest as bait and claimed the need for investment capital to defraud eight victims of their money, totaling over 10 million yuan. This money was used to repay personal debts and for consumption. She then transferred her properties under her name and fled to another place with part of the funds, cutting off all contact with her creditors.
On the morning of November 2nd, the court held a public hearing for this case. The court ruled that Fang Ying'e, with the intention of illegal possession, defrauded the victims' money under the guise of needing investment capital. The amount involved was particularly huge, constituting the crime of fraud. Regarding the objections raised by Fang Ying'e and her defense counsel regarding the nature of this case, upon investigation, it was found that despite knowing she lacked the ability to repay, Fang Ying'e still defrauded a large amount of money under the pretense of needing investment capital. She then transferred the funds, concealed her assets, and fled to another place with part of the money, severing all contact with her creditors. Her intent to illegally possess the victims' money was clear; therefore, relevant defenses and opinions were not accepted.
By reporter Zhang Yuxue of our newspaper. Share to: Welcome to leave comments, I want to comment, Weibo recommendation | Today's Weibo hot topics