The verdict reveals the "fake financial management" case of Minsheng Bank Hangtianqiao Sub-
branch How did the branch president defraud 2.7 billion of 147 customers?
The “fake financial management” case of the Hangtianqiao branch of Minsheng Bank, which shocked the country three years ago, finally ushered in a legal ruling.
On December 9th and 10th, China Judgment Documents Network successively published the first-instance judgment and the second-instance ruling of Zhang Ying, the former president of the Hangtianqiao Sub-branch of Minsheng Bank Beijing Branch, and Xiao Ye, the deputy president.
On December 27 last year, the Beijing No. 1 Intermediate People's Court sentenced Zhang Ying to life imprisonment for contract fraud and Xiao Ye to ten years in prison for contract fraud.
After that, the Beijing Municipal No. 1 Sub-inspector raised a protest, and Zhang Ying and Xiao Ye filed an appeal.
The final ruling made on November 29 this year showed that the Beijing Higher People's Court upheld the original sentence against Zhang Ying and changed Xiao Ye's sentence to the crime of absorbing client funds without accounting, and the sentence was nine years.
Why is the case widely concerned?
147 people were deceived for a total of 2.746 billion yuan
The court found that during the period when Zhang Ying was the head of the Hangtianqiao branch of the Beijing branch of Minsheng Bank, since 2013, he has used high interest rates as bait to trick the victim into signing a false purchase or transfer agreement for wealth management products, and will purchase or transfer false Money from wealth management products was transferred to personal bank accounts under its control, defrauding 147 victims totaling more than RMB 2.746 billion.
In April 2017, when the “fake financial management” case of the Hangtianqiao branch was exposed, a reporter from the Beijing Youth Daily went to the scene for interviews and contacted some defrauded investors.
At that time, a client who had invested millions of dollars told a reporter from Beijing Youth Daily that if it hadn't been reported by the media, he would not believe that the wealth management products he bought at the Hangtianqiao branch were fake.
When he buys products, he signs the contract with the office of the financial manager of the VIP center of the branch, and then he goes to the counter to do the remittance.
There is also the name of the wealth management product and the transferor's information on the business acceptance form. The whole process is exactly the same as when he bought other regular products. The previous few times were paid as scheduled, so he never doubted the authenticity of the product.
Zhang Ying's behavior greatly disappointed the trust of old customers.
The testimony of the victim, Fang, showed that since Zhang Ying worked at the last bank, he had supported Zhang Ying's business, and later followed Zhang Ying to transfer the funds to the Space Bridge branch of Minsheng Bank.
When Zhang Ying recommended wealth management products to him, she said that it was a product customized by the head office of Minsheng Bank for the old customers of private banks in various branches. It invested in the Bank of Canada fund, guaranteed principal and interest, and allocated a small amount to the Aerospace Bridge branch.
After hearing this introduction, Fang decided to buy the product.
He signed a RMB wealth management product agreement with Minsheng Bank plus Bank Asset Management in Zhang Ying's office or VIP wealth management area.
Zhang Ying also took him to the counter to go through the payment procedures.
On April 18, 2017, after hearing about Zhang Ying’s accident, Fang rushed to the counter of the Hangtianqiao branch to check, only to find that the financial products recommended by Zhang Ying did not exist.
The status of his bank card shows that the funds for purchasing "financial products" are actually transferred to Chen XX.
Case details
Instructed subordinates to destroy data on the night of arrest
On April 12, 2017, Zhang Ying was interviewed and investigated by the Beijing branch of Minsheng Bank. On that night, she and Xiao Ye instructed employees to destroy the data and evidence overnight.
The court ruling showed that during Zhang Ying’s investigation by Minsheng Bank, Zhang Ying and Xiao Ye instructed He and Gao, employees of the Hangtianqiao Branch (both were dealt with separately) to delete the computers of Zhang Ying, Xiao Ye, and Li’s employees of the Hangtianqiao Branch involving false financial products. The relevant content data of Zhang Ying and Xiao Ye are transferred, the false financial management contracts, sales records and forged official seals of savings business.
At 21:00 and 22:00 on April 12, 2017, Zhang Ying WeChat told He Mou's head office to go to the branch for inspection, and asked him to delete the folder named "Statement" on Zhang Ying's computer desktop and remove the folder in Zhang Ying's office drawer. The file is pulled away.
He followed Zhang Ying's instructions to permanently delete the relevant files.
At about 22:00, Xiao Ye sent WeChat to ask He Mou to format the D drive of Xiao Ye’s office computer, pulling away the financial management contract in Xiao Ye’s safe and drawer, and removing the "structured financial management" of several computers Li used. All files are deleted.
At about 16 o'clock the next day, before the public security organs took Zhang Ying away, she also used communication software to communicate with He Mou, asking He Mou to contact the relevant personnel, and specifically ordered that the information be deleted after sending it.
In addition to Zhang Ying, more than ten employees were involved in the case at the Space Bridge Branch of Minsheng Bank.
They may not know that this is a "fake financial management" scam, but they also noticed many suspicious things, but in the end they carried out illegal operations according to Zhang Ying's instructions.
For example, Xiao Ye knew that privately engraving the official seal was illegal, but he accepted Zhang Ying's saying that "this violation is not illegal."
The court held that although Xiao Ye could not prove that Xiao Ye knew about Zhang Ying’s sales of false wealth management products subjectively, he carried out a series of assistance activities objectively. In addition to actively promoting the financial management transfer products involved in the case to customers, he also participated in making false wealth management contracts. , Sign on behalf of the client at the assignor, etc.
attention
Minsheng Bank has paid more than 2.171 billion yuan on behalf of Beijing branch and was fined 27.5 million yuan
According to the judgment, from May 2017 to April 2019, Minsheng Bank paid more than RMB 2.171 billion on behalf of the 144 victims involved in the case and part of the losses of one victim from May 2017 to April 2019. There are still two others. The victims' losses were all unpaid.
The compensated victim declares to transfer all the property rights in the case and the right to receive money from the judicial authority (including but not limited to refund money, compensation money, etc.) to Minsheng Bank.
On November 30, 2017, the Administrative Punishment Information Disclosure Form published by the Beijing Banking Regulatory Bureau showed that the personnel involved in the Hangtianqiao Sub-branch under the Beijing Branch of China Minsheng Bank severely violated the rules of prudent operation by selling fictitious wealth management products and the internal control management of the Beijing branch.
The Beijing branch of China Minsheng Bank was ordered to make corrections and a total fine of 27.5 million yuan was imposed.
How to create a scam?
Fabricate an annualized rate of return of 15% to 40% high-interest wealth management products to attract regular customers
How does Zhang Ying make more than 100 high-end customers willingly invest 2.7 billion?
How did she instruct her employees to create this shocking scam?
The verdict revealed many details.
According to Zhang Ying's self-report, she has been forging financial product agreements since 2013, selling false "structured deposit" financial products to customers and promising high interest rates.
Documentary evidence shows that this type of product has a fictitious period of one and a half to three years, and the expected annualized rate of return is as high as 15% to 40%. It is only for Zhang Ying's small number of early customers, who have relatively large funds.
Victim Guo said that in January 2016, Zhang Ying called and told him that Minsheng Bank Hangtianqiao Branch had a wealth management product with guaranteed floating income for VIP customers. After signing the product agreement, he transferred the money to the product at the counter. The transferor's account.
Since it was handled at a regular branch, how did Zhang Ying defraud the client's financial management funds openly?
Zhang Ying said that when selling such fake wealth management products, she would first go to the counter and tell the teller Wang that there will be customers who want to transfer money later, but the payee does not want the payee to know the receiver’s situation, so don’t Print the banking receipt in front of the customer, not to mention the customer's signature.
After instructing Wang, Zhang Ying then signs a contract with the customer and takes the customer to the designated counter for payment.
When transferring money, Zhang Ying asked the customer to enter the password and the teller transferred the money.
The customer thought that the "financial management product" was purchased at this point, but in fact the funds were transferred to the accounts of 9 people such as Chen XX controlled by Zhang Ying in the Minsheng Bank.
These nominal cardholders are basically friends and relatives of Zhang Ying and employees of the branch.
Surprisingly, Zhang Ying also stated that the main purchasers of this fake wealth management product were several of her old customers, and she didn't even keep track of the accounts.
A large number of "Whale Diamond Golf Club" customers who engraved private seals were deceived
The Minsheng Bank Hangtianqiao Branch has a "Whale Diamond Golf Club" for high-end customers with funds of more than 8 million yuan. The Whale Diamond Golf Club organizes 8 free activities each year, including 6 games in Beijing, one in China, and one Abroad.
The average activity in Beijing is one thousand yuan per person, the domestic one is eight or nine thousand yuan, and the international one is around 13,000 yuan.
Zhang Ying said that in order to retain these high-quality customers and prevent their funds from being transferred to other banks, she fabricated the second type of false wealth management products with a guaranteed floating income wealth management product with an annualized rate of return of about 4.5%.
This time, she also asked Xiao Ye, the deputy president of the club, to help.
Zhang Ying told Xiao Ye that Chen Moumou, a major customer who has purchased a wealth management product of more than 100 million yuan at the head office of Minsheng Bank, is eager to redeem the unexpired product. Customers who are willing to take over the product halfway through the club can enjoy the full return of the product.
Because this big customer does not want people to know their true information, they will sign a wealth management product transfer agreement in the name of another person and charge a product transfer fee.
Xiao Ye and the wealth management manager in the dark took it as a real wealth management product to promote to customers.
Li, the wealth management manager of the Hangtianqiao branch of Minsheng Bank, stated in the testimony that Xiao Ye asked her to find target customers among club members and promote this transfer-type wealth management product. She herself made nearly 200 orders.
According to Zhang Ying's self-report, after September 2016, the Hangtianqiao branch installed a printing control machine in accordance with the requirements of the Minsheng Bank's head office. The stamp must go through the online approval procedures, and the savings business stamp can no longer be used casually.
She asked the head of the branch office to engrave a fake savings business seal and keep it somewhere.
Others have to stamp a fake business seal on the agreement, and ask Zhang Ying for instructions before going there to stamp it.
Where are the more than 2 billion yuan used?
Spent 800 million yuan to "buy" deposit performance
Where did Zhang Ying defraud the huge sum of more than 2 billion yuan?
The verdict showed that after the victim’s money was transferred to the accounts of Chen XX and others, Zhang Ying was in possession and control.
Zhang Ying used the victim's funds under her control to buy jade, thangka, watches, real estate and other personal squanderings and to pay for the benefits of "buying" deposits.
Among them, Zhang Ying paid more than 800 million yuan in "purchase" deposits in order to make her personal performance look good.
According to Zhang Ying’s self-report, in order to improve performance, Zhao "buy" deposits through the intermediary, in addition to the normal deposit interest, it is also necessary to pay an additional 5% to 6% of the deposit amount to Zhao through a personal account controlled by Zhang Ying. Then pay to deposit customers.
Witness testimony, bank transaction records, and forensic accounting appraisal opinions prove: Since August 2011, Zhao has introduced more than 240 individual customers' time deposits to Zhang Ying through multiple people, with a deposit scale of 5.6 billion yuan.
Since December 2014, Mr. Zhao has introduced to Zhang Ying through others the fixed deposits of the three companies of Hikvision Beijing Branch, Xiang Piao Piao Company, and Dahua Zhilian Company, with a total deposit size of more than 9.6 billion yuan.
Since September 2013, the fund pool account controlled by Zhang Ying has paid Zhao a net payment of more than 813 million yuan, and Zhao has withheld more than 153.8 million yuan.
After the remaining funds are intercepted by intermediaries, they flow into the relevant accounts of deposit customers and become "discounted interest."
Witness Sun said that since April 2015, Hikvision has made fixed deposit interest discounts in Minsheng Bank. In addition to the normal deposit interest of 3.25%, a private benefit fee of 3.3% of the deposit amount can be refunded.
After deducting the benefits of the intermediary, these discounts are respectively deposited into the corporate accounts of the subsidiaries of Hikvision.
Hikvision has deposited a total of 7.8 billion yuan in the Hangtianqiao branch of Minsheng Bank and received a discount of more than 200 million yuan. After deducting the benefit fee of 20 to 30 million yuan, all of them are deposited in the bank of Hangzhou Hikvision Technology Co., Ltd. Account.
The verdict showed that after the detentions, the net transfer to Hangzhou Hikvision Technology Co., Ltd. was more than 178 million yuan.
Spend more than 800 million yuan to buy jade, thangka, diamonds, etc.
In addition to spending money to buy deposits, Zhang Ying also squandered the scammed funds.
The verdict showed that Zhang Ying spent more than 800 million yuan to buy jade, thangka and other items.
For example, Wu is a former colleague of Zhang Ying.
From July 2014 to January 2017, Zhang Ying purchased Thangka, Hetian jade, red sandalwood and other items from Wu somewhere. Zhang Ying spent several million yuan or even tens of million yuan each time, totaling more than 100 million yuan.
The operator of another store also confirmed.
Since 2012, Zhang Ying has spent 400 million yuan on buying amulets, bracelets, and diamonds from him.
The investigative agency entrusted the China Federation of Commerce's Watch and Optical Goods Quality Supervision and Inspection Center to inspect 39 of the seized watches. The market reference price of 39 watches was 31,261,200 yuan.
Zhang Ying said that he also spent two to three billion yuan to buy real estate, which he held in the name of his mother, friend, and friend's mother.
These properties include: five properties in Wanliu Academy and seven parking spaces; one property in Baishiqiao Jindihua; two properties in Hongkun Huayushu; a villa in Xihongmen; four properties in Qinhuangdao; Hongkun in Sanya, Hainan Shanhaishu.
She also gave her friends money to invest in a certain food and beverage brand Gongti store and purchase Houhai courtyard.
According to the situation of the real estate in the case seized by the public security organ, a total of 1 courtyard house, 19 real estate and 10 parking spaces were seized.
Although Zhang Ying has a superb method of "cheating" money, it turns out that her investment vision is not very good.
The court held that the jade, thangka and other items purchased by Zhang Ying for more than 800 million yuan had no value-preserving properties and were difficult to realize.
Although Zhang Ying spent more than 200 million yuan to purchase some real estate after 2016, but the proportion of the stolen money involved in the case is extremely low, and the above-mentioned real estate is mostly in the name of others, there is no doubt that Zhang Ying can actually control it.
In addition, Zhang Ying also used more than 18 million yuan to handle immigration with others and purchase real estate and land overseas.
This group of articles / our reporter Cheng Jie coordinated / Yu Meiying