The criminal judicial interpretation of illegal fund-raising came into effect on March 1, involving online loans, virtual currency transactions, and illegal fund-raising for the elderly

2022-05-12 0 By

On February 24, the Supreme People’s Court promulgated the on modifying the < the Supreme People's Court on the concrete application of law in trying criminal cases of illegal fund-raising problem explanation > decision “, the original of the judicial interpretation about the crime of illegal absorb public deposits, fund-raising fraud convicted and punished standard modified complete, effective as of March 1, 2022.The revised Interpretation no longer distinguishes between punishment standards for crimes committed by natural persons and crimes committed by units, reflecting the spirit of strict punishment for crimes committed by units.Where a unit commits the crime of illegally absorbing public deposits or fundraising fraud, the standards for conviction and sentencing of natural person’s crime as set forth in the Interpretation shall be applied, the unit shall be fined, and the persons directly in charge and other persons directly responsible for the crime shall be convicted and punished.The revised Interpretation consists of 15 articles, mainly revising and improving the conviction and sentencing standards for crimes of illegally absorbing public deposits and fund-raising fraud.Retains the cognizance of the crime of illegal absorb public deposits, the same four characteristics of illegality, openness and inducements, sociality, combined with judicial practice and new form of crime, increase lending network, virtual currency trading, financing lease and other new illegal funds, for illegal fund raising pension field outstanding problems at the same time,The cases of “illegal fund-raising by providing ‘pension services’, investing in’ pension projects’ and selling ‘elderly products’ will be increased to provide a basis for punishing illegal fund-raising crimes in P2P, virtual currency trading and pension fields.In addition, while appropriately raising the incrimination standard, the “amount + circumstances” standard was added.Illegally absorbing or disguised absorb public deposits in 500000 yuan of above amount or to depositors caused a direct economic loss amount is in 250000 yuan of above, at the same time has ever been meted out criminal shall be investigated for illegal fund raising, two years have meted out administrative punishment for illegal fund raising, or the plot of bad social impact or other serious consequences, shall be investigated for criminal responsibility according to law.The revised Interpretation clarifies the fine standards for the first and second tiers of the crime of illegally absorbing public deposits and the first tier of the crime of fund-raising fraud, as well as the lower limit of the fine for the third tier of the crime of illegally absorbing public deposits and the second tier of the crime of fund-raising fraud.While raising the fine amount, there is no limit on the maximum fine amount for the crime of illegally absorbing public deposits in the third tier and fund-raising fraud in the second tier.Whoever commits the crime of illegally absorbing public deposits and is sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also, or shall only, be fined not less than 50,000 yuan but not more than one million yuan;If he is sentenced to fixed-term imprisonment of not less than three years but not more than 10 years, he shall also be fined not less than 100,000 yuan but not more than 5 million yuan;If he is sentenced to fixed-term imprisonment of not less than 10 years, he shall also be fined not less than 500,000 yuan.Whoever commits the crime of fund-raising fraud and is sentenced to fixed-term imprisonment of not less than three years but not more than seven years shall also be fined not less than 100,000 yuan but not more than 5 million yuan;If he is sentenced to fixed-term imprisonment of not less than seven years or life imprisonment, he shall also be fined not less than 500,000 yuan or be sentenced to confiscation of property.The 11th Amendment to the Criminal Law, which will take effect on March 1, 2021, has made major amendments to the criminal law on the crimes of illegally absorbing public deposits and fundraising fraud, said an official with the third Criminal Court of the Supreme People’s Court.The revised Interpretation adjusts and revises the sentencing standards for the crimes of illegally absorbing public deposits and fund-raising fraud, which will come into force on March 1, 2022.Because of the criminal law and judicial interpretation on the crime of illegal absorb public deposits, fund-raising fraud standard criterions for the conviction of all the changes, the crime of illegal absorb public deposits, have a significant impact, the criterions for the conviction of crime of fraud of the fund-raising to occur prior to the enforcement of the criminal law amendment (11), a modified after the enforcement of “interpretation” has not been or are in the processing of cases,The applicable criminal law should be determined according to the standard of conviction and sentencing determined in the revised Interpretation and the principle of “both the old and the lesser”.