Shenshuo Company Illegally Raised Over 4.5 Billion, Responsible Person Sentenced to 18 Years in First Instance

AI Summary (NQ-processed)

Chen, founder of Shenshuo International Network Co., Ltd., was sentenced to 18 years in prison in the first instance for illegally raising over 4.5 billion NTD through an investment platform. Chen and others lured investors with disproportionately high annual returns of 32.14% to 188.39%, using a scheme where later investments funded earlier ones. Approximately 3,000 victims were identified, with over 1,000 reporting the crime. Chen and 63 accomplices were indicted for fraud, banking law violations, and money laundering, with confiscation of criminal proceeds also requested.