Borrowing tens of millions, and then disappearing with the money - sentenced to life in the first trial, and confiscation of all personal property - Zhang Yuxue - The Morning Post reports: 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 started borrowing money in Hefei to purchase storefronts. She also invested part of the borrowed money in Guangde, buying a piece of land for a factory. In just a few short years, she accumulated over ten million yuan in high-interest loans 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 ordered to forfeit all her personal property.
Fang Ying'e, born in 1968, completed only elementary school education and was 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 home appliance market in Hefei and opened a home appliance wholesale store within Anhui's large market area.
Between 2009 and 2010, Fang Ying'e lured eight victims with promises of high interest rates under the pretense of investment turnover, defrauding them of over ten million yuan. The funds were used to repay personal debts and for consumption purposes. She then transferred properties under her name and absconded with part of the money to another location, 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 intent of illegal possession, defrauded the victims' money under the guise of investment turnover, involving an exceptionally large sum, thus constituting the crime of fraud. Regarding the objections raised by Fang Ying'e and her defense regarding the nature of the case, upon investigation, it was found that despite knowing her inability to repay, Fang Ying'e still defrauded a substantial amount of money under the pretense of investment turnover. Subsequently, she transferred the funds, concealed assets, and fled to another place with part of the money, severing all ties with her creditors. Her intention to illegally possess the victims' money was clear, and therefore, relevant defenses and opinions were not accepted.
Reported by Zhang Yuxue of our newspaper. Share to: Comments welcome. I want to comment. Weibo recommendation | Today's Weibo hot topics.