Reported about 1 year ago
Victims formed a creditor's association to seek redemption and revealed to the magazine their heavy-heartedness since the incident. Zhan Yun Co., a funeral company with a market value of 80 billion yuan, attracted employees and the public from 2012 to 2021 with promised average annual returns of 5.93% to 10.8% through cemetery investments. The company defaulted due to funding gaps and high loans, breaking banking laws and exposing its fraudulent activities. Over 10,000 victims have been affected by the scam, with losses exceeding 18.2 billion yuan. One business member, Miss Chen, invested over 10 million yuan into Zhan Yun projects alongside her family, leading to financial ruin. Victims, including retirees and blue-collar workers, have suffered severe consequences such as depression and even suicide after losing their savings or borrowing against their homes or insurance policies.
Source: YAHOO