What is the final result of Dada Group?

Shanghai No. 1 Intermediate People's Court recently publicly sentenced the defendants Shanghai Shentong Investment Group Co., Ltd., Shanghai Shentong Dada Asset Management Co., Ltd., and the defendants Ma Shenke and Shan Kun to fund-raising fraud and fraud in accordance with the law. In the case of illegally absorbing public deposits, Shentong Group and Shentong Dada Company were sentenced to fines of RMB 300 million and RMB 100 million respectively for the crime of fund-raising fraud;

Ma Shenke was sentenced to life imprisonment for the crime of fund-raising fraud. He was deprived of political rights for life and fined RMB 20 million. Shan Kun was sentenced to 12 years in prison for fund-raising fraud, deprived of political rights for two years, and fined RMB 1 million. At the same time, 10 people including Chen Shangkun were sentenced to fixed-term imprisonment of 11 years to three years, deprivation of political rights and fines respectively for the crime of fund-raising fraud and the crime of illegally absorbing public deposits.

Extended information:

The Shanghai No. 1 Intermediate People's Court recently publicly pronounced the verdict of the defendants Shanghai Shentong Investment Group Co., Ltd., Shanghai Shentong Dada Asset Management Co., Ltd., and the defendant Ma Shen in accordance with the law. Ke, Shan Kun and 12 other people were sentenced to a fine of RMB 300 million and RMB 100 million respectively for the crime of fund-raising fraud and illegally absorbing public deposits;

For Ma Shen Ke was sentenced to life imprisonment, deprived of political rights for life, and fined RMB 20 million for the crime of fund-raising fraud; Shan Kun was sentenced to 12 years' imprisonment, deprived of political rights for two years, and fined RMB 1 million for the crime of fund-raising fraud. . At the same time, 10 people including Chen Shangkun were sentenced to fixed-term imprisonment of 11 years to three years, deprivation of political rights and fines respectively for the crime of fund-raising fraud and the crime of illegally absorbing public deposits.

The court found after trial that the defendant units Shentong Group and Shentong Dada Company violated relevant national regulations and used the "Dabao" online financial management software between October 2013 and December 2015. Or by publishing self-use projects, fake projects, or projects whose profitability cannot be guaranteed, they can set up limited partnerships to recruit investment partners, sell various packaged financial products, and hand over the raised funds to Shentong Group for unified use.

Most of the more than 14.4 billion yuan in raised funds was used to return capital interest, operating expenses and employee salaries, or was used for personal squandering. As of the incident, more than 60,000 victims had lost more than 6.46 billion yuan.

Up to now, this case has sealed, detained, and frozen relevant bank accounts, Alipay accounts, real estate, cars, watches, equity and other properties. The work of recovering stolen goods and recovering losses is still in progress, and the recovered assets will be transferred to the enforcement agencies and eventually returned to the victims in proportion.

The Shanghai No. 1 Intermediate People’s Court held that the two defendants and five individuals including Ma Shenke, Shan Kun, and Chen Shangkun used or participated in the use of fraudulent methods to illegally raise funds for the purpose of illegal possession, and their actions constituted fund-raising. The crime of fraud, and the amount is particularly huge. The seven defendants Zhang Yili, Xu Yingyi and Gao Boyi violated relevant national regulations, illegally absorbed deposits from the public and disrupted financial order. Their actions constituted the crime of illegally absorbing deposits from the public, and the amount was huge.

The illegal fund-raising activities of the two defendant units and 12 defendants including Ma Shenke, Shan Kun, and Chen Shangkun have seriously disrupted the national financial management system and should be severely punished in accordance with the law. The Shanghai No. 1 Intermediate Court made the above judgment in accordance with the law based on the criminal facts, nature, circumstances and degree of social harm of the two defendant units and each defendant.

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