Why is it difficult to eradicate illegal fund-raising?

What do illegal fund-raising have in common under the new "coat"?

Illegal fund-raising often promises "capital preservation and interest payment" and "small horse-drawn carts". At present, many capital preservation promises are relatively secret, not written in the text of the agreement and contract, but verbally promised to investors.

Huang used to be the boss of a wealth management company, doing some private lending business. Now he has no time to take care of his own company, but for an "investment" mistake, he runs around on behalf of the victims of illegal fund-raising to minimize property losses.

Three years ago, Huang Lin Renhe contacted the Northern Remittance Bank and borrowed some money from it sporadically. At that time, the northern part of Yin Hui developed a pension real estate project in the "Cai Wu International Tourism Resort" at the junction of Anhui Province and Jiangsu Province. The stall is not small, and tens of thousands of acres of land have been leased and purchased in two provinces, and companies or branches have been set up in several cities in six provinces across the country. A few years ago, financing was relatively convenient. North Yin Hui promised investors high returns and good capital turnover.

"Now it seems that the scale of business operations at that time has exceeded its own affordability." Huang said that soon, the economy began to face downward pressure. In order to maintain the operation, two private equity fund companies were established in North Yin Hui to issue fund wealth management products for their own projects with a term of six months and a yield of 12%- 14%. But soon, the capital problem surfaced and the capital chain became tighter and tighter. The company had to consider raising funds from more ordinary investors, and launched a P2P online lending platform to provide financing for its packaged affiliated enterprises.

The good times didn't last long, and holes were exposed one by one. Because short-term loans and raised funds are invested in long-term projects, there is no cash to be returned in time, and it is impossible to repay the principal and interest on time. Since 20 15, risks have broken out one after another. Huang invested hundreds of millions of yuan in the radical process of "circling money". "It's normal to make money and lose money in business, but now it's hard to get these funds back. It is good to be able to refund 10%. " Huang said:

"This kind of practice certainly won't work. There are too many places to use money, but you have to pay interest when you raise money. Once you can't pay, it will trigger a chain reaction. How big the shoes are, some enterprises just want' small horse-drawn carts', and they simply don't have such strong financing and development capabilities, and they have to borrow too much. Once the economy goes down, it will naturally come out and the risks will be exposed. " The relevant person in charge of the Dalian Office for Disposal of Illegal Fund Raising told the reporter.

Private equity investment funds are becoming a new "coat" for many illegal fund-raising. In the past two years, newly established private equity investment funds have developed rapidly. Although the newly established fund needs to be registered with the China Fund Industry Association, it does not mean that the registered fund will operate legally and legally. "Investing in private equity funds is conditional and many investors don't understand it. For example, the investment amount of a single private equity fund is not less than 6.5438+0 million yuan; The investor's personal financial assets cannot be less than 3 million yuan, or the average annual income of the individual in the last three years is not less than 500,000 yuan. " Dong Ximiao, a visiting researcher at Chongyang Financial Research Institute of Renmin University of China, said.

The relevant person in charge of the Economic Crime Investigation Corps of the Shanghai Public Security Bureau said that some illegal fund-raising is under the banner of private equity investment, claiming that 50,000 yuan can be invested in private equity funds, and it is necessary to doubt the reliability of funds. Moreover, private investment is a medium-and long-term investment, which has certain investment risks, is impossible to break even, and has a certain investment cycle, unlike some platforms or institutions that claim that investment income can be recorded every month or even every day.

The common point of illegal fund-raising is that it will promise to "protect capital and interest". "If you can't promise to protect the capital or guarantee, who dares to invest money rashly?" The relevant person in charge of the Economic Crime Investigation Corps of the Shanghai Public Security Bureau said that many capital preservation commitments are relatively secret now, and will not appear in the texts of agreements and contracts, but verbally promise investors. With the change of illegal fund-raising, the contract text of investment has changed from the initial loan to the creditor's rights transfer agreement, and then to the limited partnership agreement of private equity funds.

Constantly "transforming", why is illegal fund-raising difficult to eradicate?

Quasi-financial and non-financial institutions are everywhere, and the trend of cross-regional and networking is obvious, which increases the difficulty of supervision. "The floor here is dragging, but the faucet over there is still on."

Illegal fund-raising has become a "cancer" in society. Once the old means are suppressed, new tricks will sweep through and breed and spread.

"Pan financing" has become an important feature of illegal fund-raising. According to the relevant person in charge of the Economic Crime Investigation Corps of Shanghai Public Security Bureau, the illegal fund-raising methods have been gradually upgraded from a single mode of borrowing, forest right investment, creditor's rights transfer and repurchase to P2P peer-to-peer lending, fixed income funds, financial mutual financing, financial leasing creditor's rights transfer and other financial products. At the same time, the networking trend of illegal fund-raising is becoming increasingly obvious. Enterprises have set up their own official website and Internet operating platforms, boasting about their background, scale and strength, and issuing online wealth management products through the operating platforms. The specialization of the crime of illegal fund-raising is also increasing. Under the guise of catering to national policies, under the guise of "new economic format" and "financial innovation", business processes and contract texts are professional and standardized, gimmicks are more novel and confusing, and investors are more difficult to distinguish.

According to the relevant person in charge of the Shanghai Financial Services Office, the MLM fund-raising model is on the rise. Some platforms return "virtual currency" to investors through the Internet, and then trick investors into buying wealth management products. In addition, some intermediaries engaged in network technical services registered in industry and commerce began to show signs of suspected illegal fund-raising activities. There are also some illegal fund-raising models for traditional commodity marketing investment, which promise to buy back goods and join rebates through the Internet.

The proliferation of quasi-financial and non-financial institutions has also provided a hotbed for illegal fund-raising "The people's investment demand is strong, but the awareness and knowledge of financial investment are still relatively scarce. It is necessary to control the institutional access of the front end. " Zhao Yi, deputy secretary-general of the Research Center for Financial Innovation and Internet Financial Legal System of China University of Political Science and Law, said.

A staff member who is engaged in cracking down on illegal fund-raising at the grassroots level admits that investment and wealth management activities belong to financial activities. Under the current pattern of separate supervision of the financial industry, the gap between industries is often the concentrated outbreak area of illegal fund-raising. Many quasi-financial and non-financial institutions with no investment experience are engaged in various financial activities under the banner of "investment consulting", "financial consulting" and "asset management", but they are not strictly supervised, or there are no entry thresholds and supervision rules at all, and the risks can be imagined.

"Now quasi-financial institutions and non-financial institutions seem to be more than selling onions and garlic. Selling onions and garlic still requires going to a standardized vegetable market, but engaging in financial activities is not restricted, and illegal fund-raising is repeatedly prohibited. Let you mop the floor here, but the faucet is still there. The "front door" should not be too big. These areas must have clear access rules, clarify what can and cannot be done, and what is done will be severely punished, so that the industry can develop healthily and orderly. " The staff member said.

With the internet-based illegal fund-raising, it is not uncommon for companies involved to operate across provinces, cities or regions, which makes supervision more difficult. Moreover, there are many illegal fund-raising institutions and accounts, and the flow of funds is complicated, making it difficult to recover assets.

Take the "Sino-Jin Department" as an example, the accumulated amount involved is as high as 39.9 billion yuan, and the number of victims exceeds 65.438+0.28 million. At that time, enterprises set up branches in 28 provinces, transferred assets to 3 listed companies, and there were more than 100 non-listed companies, and acquired payment companies and financing guarantee companies. Always wearing tall coats, but in fact, most of these companies are shell enterprises, with no real investment projects and no real trade and operating profits. Even if the attack is timely, the final financial loss is as high as 4.8 billion yuan.

"Now many companies suspected of illegal fund-raising operate across regions, headquartered in big cities, and set up branches in second-and third-tier cities, with rapid expansion. It stands to reason that if it is operated in a different place, it needs to be registered for the record, but now many institutions have not gone through normal procedures, which makes it difficult for relevant government departments to grasp the facts of the enterprise and it is more difficult to supervise. " The relevant person in charge of the Shanghai Financial Services Office said that for enterprises operating in different places, relevant departments in many places had to join hands to strengthen supervision.

What else can we do to keep people away from illegal fund raising?

Manage the "front door", improve the level of early warning and monitoring, dispose of recovered assets in advance, and preserve the property of fund-raising participants as much as possible.

"Illegal fund-raising is not only a problem in the economic and financial fields, but also a social problem. What is lost is the real estate and property of ordinary people. " The relevant person in charge of the non-office in Dalian said that many elderly people invested with pension money and lost their blood. There are also some young people who have just graduated from college and have little social experience and weak legal awareness. After working in these companies suspected of illegal fund-raising, it is not only them who participate in the scam, but also the money of their parents and relatives.

-Strengthen institutional filing, early warning and monitoring, and tighten the "front door".

Zhaowei suggested that the commercial registration system should be improved, and the institutions licensed by the financial supervision department should be licensed first, that is, the formal business license can only be obtained with the approval documents. At the same time, it is necessary to protect the font size of the licensed institution, and the keyword number cannot be abused by other illegal institutions. For example, a payment company is registered in Beijing, but in other provinces and regions, it can successfully register and handle industrial and commercial registration. Ordinary people can't distinguish clearly, and the result is that they are cheated and the reputation of the infringed person is damaged. In addition, it is necessary to strengthen the filing and supervision of quasi-financial institutions and strengthen the early warning and monitoring of non-financial institutions engaged in financial activities.

Relevant government departments should take the initiative to increase the investigation of suspected illegal fund-raising institutions to help investors polish their eyes. "Many illegal fund-raising institutions hire celebrities to speak, advertise in prime locations and time slots, and bluff, which makes people lose their vigilance." The relevant person in charge of the non-office in Dalian said that it is necessary to walk in front of the investment of ordinary people and remove these advertisements. In the previous survey, Dalian AFO found that 46 enterprises had published loan advertisements in local mainstream newspapers. AIC wanted to access the registration information of relevant enterprises, and found that some enterprises did not match their registered names, some enterprises did not match their office locations, some enterprises went beyond their business scope and advertised financial loans, and some enterprises even had no information about industrial and commercial registration at all. In the end, only four companies have pre-approval documents for related loans. "The release of these advertisements will definitely confuse many ordinary people." In the past three years, Dalian has completed the public security filing and dynamic management of more than 5,000 investment and wealth management companies, and exposed 38 enterprises that illegally released advertisements.

-in view of the internet trend of illegal fund-raising, regulatory measures should be upgraded.

Shanghai is establishing a new platform for monitoring and analyzing financial formats. In the future, we can give early warning to the activities of some high-risk institutions and find clues about suspected illegal fund-raising activities as soon as possible. According to reports, the monitoring and analysis platform has initially collected new financial format information of relevant departments, mainly including four sub-platforms: industry monitoring, park monitoring, enterprise holographic information inquiry and real-time monitoring, which can grasp the risk dynamics in multiple dimensions.

-increase the recovery of funds so that it is no longer difficult for victims to defend their rights.

"Generally speaking, the handling cycle of illegal fund-raising cases is long, and it takes more than two years from the filing of a case by the public security organ to the judgment of the court. Before the court decides, the recovered assets cannot be disposed of at will. But there are often many perishable assets, such as luxury cars, which will depreciate over time. In fact, what is lost is the money of ordinary people. " The relevant person in charge of the Economic Crime Investigation Corps of the Shanghai Public Security Bureau said that the illegal fund-raising cases that broke out in previous years will encounter this problem after the court's judgment. It is hoped that relevant laws and regulations will be promulgated to make operational provisions on the early disposal of assets involved in illegal fund-raising cases, so as to recover the losses of fund-raising participants to the maximum extent.

Dalian tried to get injured investors to participate in asset disposal in advance. For cases with a large scope of influence and many people involved, Dalian publicly recruited representatives to set up representative committees, and Huang was one of the representatives in the north. For some time, Huang has been bridging the gap to revitalize the reclaimed land and trying to find new investors.

"The company's accounts are incomplete. I don't know how much it cost and how much it cost. If the land is left unattended, things are lost, the trees on it are dead, and the leased land is redistributed because it can't afford the funds, which will bring difficulties to asset preservation. If the project is still there, as long as it can be operated, the loss can be reduced. Investors can also participate in the asset disposal process according to law and understand the progress of things, instead of being completely blind. " Huang said:

-investors should have a rational investment concept and not have abnormally high income expectations.

"It is necessary to provide investors with more compliant wealth management products and reasonably guide investors to invest rationally. Many quasi-financial and quasi-financial activities exaggerate the role of finance unilaterally, making investors mistakenly think that funds can expand themselves. Finance is essentially supported by the real economy. Without running water, how can there be high-yield investment projects? Under the current macroeconomic situation, it is still necessary to choose more institutions with formal financial licenses for investment and wealth management, and rationally judge the income of wealth management products. After all, professional investment ability is not available to any institution. " The relevant person in charge of the Shanghai Financial Services Office said.

For two consecutive years, Dalian AFO, together with various regulatory authorities, took the lead in holding the "Financial Elite Competition", which attracted thousands of financial planners from more than 100 financial institutions to participate, popularized the basic knowledge of finance to the people, helped to establish a correct concept of financial management, enhanced the awareness of investment risks, and avoided falling into the trap of illegal fund-raising.