Ma Shenke was sentenced to life in the first instance of the ＂Dabao＂ fund-raising fraud case.

　　CCTV News:This afternoon, the Shanghai No.1 Intermediate People’s Court publicly pronounced the cases of 12 defendants, including Shanghai Shentong Investment Group Co., Ltd., Shanghai Shentong Dada Asset Management Co., Ltd. and defendants Ma Shenke and Shan Kun, for fund-raising fraud and illegal absorption of public deposits, and fined Shentong Group and Shentong Dada Company RMB 300 million and RMB 100 million respectively for fund-raising fraud. Ma Shenke was sentenced to life imprisonment for the crime of fund-raising fraud, deprived of political rights for life, and fined RMB 20 million; Shan Kun was sentenced to 12 years in prison, 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 ranging from 11 years to 3 years for the crime of fund-raising fraud and the crime of illegally absorbing public deposits, and were deprived of political rights and fined.

　　It was found through trial that from October 2013 to December 2015, the defendant units Shentong Group and Shentong Dada Company used "Dadabao" online financial management software, or set up a limited partnership to attract investment partners by publishing projects for their own use, false projects and projects whose profitability could not be guaranteed, and sold all kinds of packaged financial products, and handed over the raised funds to Shentong Group for unified control. Most of the fund-raising funds of more than 14.4 billion yuan were used to return the principal and interest of fund-raising, operating expenses and employee salary expenses, or for personal profligacy. As of the time of the incident, more than 60,000 victims lost more than 6.46 billion yuan.

　　Up to now, this case has sealed up, detained and frozen related bank accounts, Alipay accounts, real estate, cars, watches and equity. At present, the recovery work is still in progress, and the recovered assets will be transferred to the enforcement agencies and eventually returned to the victims in proportion.

　　The court held that the two defendants and five people, including Ma Shenke, Shan Kun and Chen Shangkun, used or participated in the illegal fund-raising by fraudulent means for the purpose of illegal possession, and their actions constituted the crime of fund-raising fraud, and the amount was extremely huge. Defendants Zhang Yili, Xu Yingyi, Gao Boyi and other seven people violated the relevant state regulations, illegally absorbed public deposits, and disrupted the financial order. Their actions all constituted the crime of illegally absorbing public deposits, and the amount was huge. 2. The illegal fund-raising activities of the defendant unit and 12 defendants, including Mashenko, Shan Kun and Chen Shangkun, seriously disrupted the national financial management system and should be severely punished according to law. Shanghai No.1 Intermediate People’s Court made the above judgment according to the criminal facts, nature, circumstances and social harm of the two defendant units and defendants.

　　Nearly 500 people, including relatives of the defendants, some victims, representatives of the Municipal People’s Congress, CPPCC members, and invited supervisors, attended the trial and sentenced. (CCTV reporter Yu Xiang)