On June 27, the Dalian Intermediate People's Court of Liaoning Province handed down a public judgment in the first instance in the illegal fund-raising case involving Zhou Zhifeng and three others. The amount involved was more than 24.419 billion yuan. Defendant Zhou Zhifeng was sentenced to life imprisonment, deprivation of political rights for life, and confiscation of all personal property for fund-raising fraud and money laundering. Defendants Wang Changdong and Lu Hong were each sentenced to 16 and 14 years' imprisonment and fines. The court trial found that the defendants, Zhou Zhifeng, Wang Changdong, and Lu Hong, under the name of “Shanhai Group”, created false facts such as “Shanhai Group” with strong strength, large assets, annual output value of hundreds of millions of yuan, etc., to conceal the truth about abnormal operation and profitability, and used high interest as bait to publicly carry out false propaganda to defraud the trust of fund-raising participants and illegally raise funds from the public. From September 1, 2015 to August 11, 2023, more than RMB 24.419 billion was defrauded from fund-raising participants. Meanwhile, in order to conceal and conceal the origin and nature of the proceeds of fund-raising fraud, defendants Zhou Zhifeng and Wang Changdong used stolen money from fund-raising fraud to launder money through acts such as buying stocks. The court held that the illegal fund-raising activities carried out by Zhou Zhifeng and others seriously disrupted the country's financial supervision order, caused huge property losses to participants in fund-raising in many parts of the country, and should be severely punished according to law. The court handed down the above judgment according to law based on the facts, nature, circumstances and degree of harm to society of each defendant's crime. Some deputies to the National People's Congress, CPPCC members, defendants' families, and fund-raising participants attended the verdict. According to information, after Zhou Zhifeng and others were brought to justice, the public security authorities carried out the recovery of assets such as funds, stocks, shares, real estate, and vehicles involved in the case. The relevant assets will be returned to the fund-raising participants in accordance with the law after the judgment takes effect.

On June 27, the Dalian Intermediate People's Court of Liaoning Province handed down a public judgment in the first instance in the illegal fund-raising case involving Zhou Zhifeng and three others. The amount involved was more than 24.419 billion yuan. Defendant Zhou Zhifeng was sentenced to life imprisonment, deprivation of political rights for life, and confiscation of all personal property for fund-raising fraud and money laundering. Defendants Wang Changdong and Lu Hong were each sentenced to 16 and 14 years' imprisonment and fines. The court trial found that the defendants, Zhou Zhifeng, Wang Changdong, and Lu Hong, under the name of “Shanhai Group”, created false facts such as “Shanhai Group” with strong strength, large assets, annual output value of hundreds of millions of yuan, etc., to conceal the truth about abnormal operation and profitability, using high interest as bait to publicly carry out false propaganda to defraud the trust of fund-raising participants and illegally raise funds from the public. From September 1, 2015 to August 11, 2023, more than RMB 24.419 billion was defrauded from fund-raising participants. Meanwhile, in order to conceal and conceal the origin and nature of the proceeds of fund-raising fraud, defendants Zhou Zhifeng and Wang Changdong used stolen money from fund-raising fraud to launder money through acts such as buying stocks. The court held that the illegal fund-raising activities carried out by Zhou Zhifeng and others seriously disrupted the country's financial supervision order, caused huge property losses to participants in fund-raising in many parts of the country, and should be severely punished according to law. The court handed down the above judgment according to law based on the facts, nature, circumstances and degree of harm to society of each defendant's crime. Some deputies to the National People's Congress, CPPCC members, defendants' families, and fund-raising participants attended the verdict. According to information, after Zhou Zhifeng and others were brought to justice, the public security authorities carried out the recovery of assets such as funds, stocks, shares, real estate, and vehicles involved in the case. The relevant assets will be returned to the fund-raising participants in accordance with the law after the judgment takes effect.