LIN’S ESCAPE SPARKS CRIMINAL PROBE
Lin Chunhao, a Chinese investment firm JYS GROUP'S chairman, wrote;
“By the time you read this, I am already on British soil,”.
Lin claimed personal losses exceeding $96 million and said all funds had been spent on interest payments, salaries, and operating costs.
JYS marketed its offerings by targeting retail investors through financial literacy seminars.
Participants were offered high-yield products with annualized returns of 6% to 9% and maturity periods ranging from three to 36 months. Some were introduced to the schemes through family connections.
The fund was raised from retail investors across several cities, including Shenzhen, Guangzhou, Foshan, and Zhongshan.
The products were managed by Shenzhen Haiboxin Project Management Co., Ltd., which promoted itself as affiliated with state-owned firms.
Investigations later revealed shared offices and personnel with JYS, casting doubt on its claims of independence.
Offices in Shenzhen and Zhongshan were found shuttered, and local authorities have begun investigations. The Shenzhen Public Security Bureau’s Economic Crime Investigation Division is leading the inquiry.