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July 18, 2019

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Fundraising fraud trial

Hu Liyong, head of financial company Juru Group, went on trial at Shanghai No. 1 Intermediate People’s Court yesterday charged with fundraising fraud. Hu is accused of raising about 4 billion yuan (US$581 million) from more 29,000 investors through the company between 2015 and April 2018, and failing to pay principal of over 1 billion yuan to investors, the court said. The company is alleged to have attracted investors by promising 7 to 22 percent annual interest on financial projects which were falsely advertised or on false lending contracts. The case continues.


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