According to a report by the Web3 Radar public account on April 29, within just six years, more than 21.4 billion yuan was raised, and to conceal and hide part of the fundraising fraud proceeds, his relatives used 'virtual currency' to carry out money laundering activities, while harboring and transferring stolen goods totaling more than ten million yuan...
The Dalian City People's Procuratorate in Liaoning Province sent personnel to court to support the prosecution of Wang XX for suspected fundraising fraud and money laundering. Investigation revealed that defendant Wang XX, in collusion with others, registered and acquired Beijing A Internet Technology Co., Ltd., Dalian A Technology Co., Ltd., and A Liaoning Pharmaceutical Industry Group Co., Ltd., and under the name of the aforementioned companies, fabricated a large number of internet server leasing businesses and smart medicine box entrusted operation businesses, promising investment returns by purchasing internet servers for leasing and smart medicine boxes for entrusted operation with nearly 100% annualized returns as bait, and conducted illegal fundraising activities nationwide through concentrated lectures, online publicity, word of mouth, and other means.
Over the past six years, Wang XX and others have raised more than 21.4 billion yuan, part of which was used to pay high returns. He personally withdrew and spent a large amount on real estate, equity, yachts, luxury cars, diamonds, and famous watches, ultimately causing losses of more than 4.1 billion yuan to over 20,000 fundraising participants.
To conceal and hide the source and nature of part of the criminal proceeds, Wang XX, before and after fleeing, entrusted his ex-wife Wang A to use illegal fundraising proceeds of more than 6.78 million yuan to purchase over one million 'virtual currencies,' which were then transferred to his digital wallet account. With the cooperation of Wang XX's father Wang Y and mother Zhao C, Wang A registered accounts on 'virtual currency' trading platform websites using other people's identity information and transferred the 'virtual currency' from the digital wallet account using the password previously provided by Wang XX, cashing out through transactions at the bank, thus transferring funds of more than 6.52 million yuan in the above manner.
While fleeing abroad, Wang XX was captured and his phone, which had the digital wallet APP installed, was legally seized by the investigative authorities. Soon after, the Dalian City Procuratorate prosecuted Wang XX for suspected fundraising fraud and money laundering, and separately prosecuted defendants Wang A, Wang Y, and Zhao C for suspected money laundering and concealing criminal proceeds. The people's court sentenced defendants Wang A, Wang Y, and Zhao C to fixed-term imprisonment ranging from six years to three years and two months for money laundering; for the crime of concealing and hiding criminal proceeds, the three were sentenced to fixed-term imprisonment ranging from three years to three years and two months. Multiple sentences were imposed, sentencing Wang A to seven years in prison and a fine of 450,000 yuan; Wang Y to three years and six months in prison and a fine of 300,000 yuan; and Zhao C to six years in prison and a fine of 450,000 yuan. After the verdict, the defendants did not appeal, and the judgment has now taken effect.
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