Illegal fund-raising a growing crime in the financial sector

Illegal fund-raising cases account for a high proportion in the financial industry, and the criminal means are upgraded and updated quickly, according to Beijing People's Procuratorate.

In a report issued by the procuratorate on Friday, it said the city's prosecutors has dealt with 7,089 financial cases, involving 14,445 suspects, since 2021.

Of the cases, a large part was related to illegal fund-raising, mainly through the use of private equity funds, technological innovation, blockchain, film and television investment markets, it added.

In addition, fraud in the field of credit insurance was also frequently seen over the past few years, and it has gradually expanded to new industries, such as automobile finance, it said.

To efficiently solve the cases, the procuratorate said it has established cooperation with banks and other financial institutions, including the Beijing branch of the People's Bank of China and the China Securities Regulatory Commission.

"Beijing prosecutors will continue the intensified fight against financial crimes, with greater efforts to recover economic losses and stolen goods, so as to prevent financial risks by strengthening the financial supervision and optimizing financial services" the procuratorate added.