Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "CCP Digs a Massive Pitfall, Deceiving Numerous Chinese Out of Money and Blaming Others" video.

  1. 💸 The P2P online lending industry in China has led to a financial crisis, with leaders sentenced to life imprisonment and victims seeking redress. 00:08 Leaders in the P2P online lending industry sentenced to life imprisonment Victims of P2P platforms seeking redress face oppression from authorities Government crackdown on P2P platforms and arrest of prominent figures 📉 Hing Capital engaged in illegal fundraising, leading to a rapid increase in transaction volume but also increased default risk and bad debts. 03:22 Hing Capital misused raised funds for over 20.4 billion yen, committing fundraising fraud. The platform experienced rapid growth, with transaction volume increasing from 5.1 billion yen in 2013 to 105.2 billion yen in 2015. By the end of 2015, bad debts amounted to 500 million yen, indicating increased default risk. ⚖ A legal case involving fundraising fraud and illegal activities in China resulted in severe sentences for the defendants. 06:45 Ling Wen was convicted of fundraising fraud and sentenced to life imprisonment, with 11 other defendants also receiving prison terms and fines. Ling Wen and associates illegally raised 38.6 billion yen from over 150,000 people through online and private lending activities. Despite financial shortfalls, Ling Wen continued illegal fundraising activities for debt repayment and defrauded over 11.8 billion yen. ⚠ Illegal fundraising activities and financial fraud led to the collapse of a major P2P platform and associated companies, resulting in arrests and asset seizures. 10:03 Penti P gang and others engaged in illegal fundraising activities despite capital shortfall and high bad debts Shne online, a major P2P platform, had a cumulative transaction volume of over 117 billion yen before its collapse in 2020 Neo Capital officially collapsed in January 2021, leading to arrests, frozen accounts, and seized assets 💔 Victims of a P2P lending scam in China are demanding justice and facing devastating consequences. 13:44 Over 70,000 ordinary lenders were affected by a P2P lending product default, totaling 10 billion yen. Victims believed that the government and high officials allowed the exploitation of their money, leading to despair and even divorce. P2P platforms, once legal and heavily certified, failed to take responsibility when they collapsed, leaving victims with no recourse.
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