Recently, the Tongzhou District People’s Court of Nantong City charged the defendant, Nantong Fuyuan Beauty Salon Chain Co., Ltd., for fraud.

According to the court, Fuyuan Company and related people raised illegal deposits.

From February 2013 to March 2019, Fuyuan Company engaged in the illegal collection of public deposits and fund-raising fraud during operation. At this time, Fuyuan Company was not approved by the relevant state departments and did not obtain a financial business operation license.

The project illegally absorbed more than $143 million (1 billion yuan) of funds from the public and internal employees of the unit.

In July 2018, Fuyuan Company was prohibited from carrying out illegal fund-raising activities and became insolvent.

Chen Mouquan, leader of Fuyuan Company, continued to organize the company to absorb funds from the public illegally.

Fuyuan Company illegally absorbed more than $22 million (160 million yuan) of funds from August 2018 to March 2019.

The public security organs seized the Fuyuan Company and affiliated companies’ relevant assets.

The People’s Court of Tongzhou District, Nantong City, ruled that Fuyuan Company was sentenced to a fine of $2 million (14 million yuan). In addition, the owner of Fuyuan Company was sentenced to 16 years in prison.At the same time, Fuyuan Company, the defendants Chen Mouquan and Pei Mouying, were ordered to bear the responsibility for compensation for the number of losses in this case.

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