The mystery of Shi Shunji’s fund-raising

Because neither Shi Shunji nor his wife understands finance, her niece Shi Xiaojie joined Shunji Group as the cashier of the financial department after graduating from college, and was treated like a daughter by Shi Shunji. According to Shi Shunji, Shi Xiaojie officially took up the post of cashier in 2005. The work was handed over on October 21, 2010, and she no longer held the position of cashier. But according to most creditors, Shi Xiaojie worked at Shunji Group until the incident.

On October 27, 2011, the Yongjia Procuratorate made a decision in accordance with the law against Shi Xiaojie, a criminal suspect who committed a fund-raising fraud of more than 700 million yuan and an illegal acceptance bill of more than 500 million yuan, on suspicion of fund-raising fraud and illegal business operations. A decision was made to arrest her husband Liu Xiaosong on suspicion of illegally absorbing deposits.

After Shi Xiaojie was arrested, many creditors suspected that the funds borrowed by Shi Xiaojie were used by Shunji Group because they could not find an outlet for the funds. Some creditors approached Shi Shunji and asked for an explanation. On local forums, many netizens also pointed the finger at Shunji Group, suspecting that Shi Xiaojie's "refusal to explain" was to support Shunji Group.

On the one hand, Shunji Group made a statement in the media, and on the other hand, it made an emergency report to the Wenzhou Municipal Party Committee, Municipal Government and Yongjia County Government, requesting help. On September 27, the Yongjia County People's Government held a special meeting to report the latest progress of the case, explaining that Shi Xiaojie's suspected case has nothing to do with Shunji Group. The Wenzhou Municipal Party Committee and Municipal Government also attach great importance to it. The Executive Deputy Mayor of Wenzhou City personally gave instructions: "Please ask the Municipal Public Security Bureau to investigate and deal with it seriously, and ask the Propaganda Department of the Municipal Party Committee to help with positive publicity." On September 30, "Wenzhou Metropolis Daily" reported the news of Liu Xiaosong and Shi Xiaojie being detained under the title "Yongjia couple detained on suspicion of illegal business operation." The subtitle of the article is "The police initially found out that the funds involved in the case were 800 million yuan, and the rumor that 'Shunji Group is involved' spread on the Internet is a rumor." This is the only official information released so far about the case.