According to the Hangzhou Intermediate People's Court's WeChat public number, on January 9,2020, the Shangcheng Court opened a public hearing on the \"PP Fund\" case, that is, the defendant Li Wenhao and other nine people illegally took public deposits, the trial lasted 14 hours from 9:15 a.m. to 11:15 p.m.
On October 20,2014, the defendant, Gong Biao, set up Hangzhou Heavy Sword Wufeng Network Technology Co., Ltd.(hereinafter referred to as Heavy Sword Wufeng Co., Ltd.), developed the \"PP Fund\" web page version and app software, and introduced the investment software to the non-specific investors in the society by means of network publicity without obtaining the corresponding qualifications.
On December 4,2015, the company changed its name to Pipi Internet Finance (Hangzhou) Co., Ltd.(hereinafter referred to as Pipi) and continued its business model. After defendant li wenhao became the company's actual controller, defendant gong biao and others quit the company, the company continued to use the \"pp fund\" app to illegally absorb public deposits.
According to statistics, from December 31,2014 to July 9,2018, the total recharge amount of the \"PP Fund\" platform reached more than 21.9 billion yuan, resulting in a loss of more than 37306 investors of more than 100 million yuan. As of February 26,2019, the company and its affiliated companies total foreign investment receivable principal of more than 100 million yuan, interest of more than 100 million yuan.
In 2015, the defendant gong and xu et al (all in separate cases) were registered to establish hangzhou star rank information technology co., ltd (hangzhou star rank company), and then, in cooperation with zheng hua (hangzhou star rank company), on january 22,2016, registered to establish hangzhou rongyi asset management co., ltd (hangzhou rongyi company) to develop a \"little treasury\" platform to absorb funds from specific social personnel, and agreed to absorb most of the funds for the purchase of the target provided by zheng yonghua. As of the case, the company has not paid the principal amount of investors totaling more than 100 million yuan.
During the trial, the Public Prosecution Service presented the relevant evidence in court, and the nine defendants and their defenders fully expressed their views on the facts, evidence and charges of the indictment, and the trial process was smooth and orderly, the pace was compact, and the defense rights of the accused and their defenders were fully guaranteed. In view of the gravity and complexity of the case, the court adjourned the hearing and handed down the sentence.