The young man driving a luxury car has attracted over 400 million yuan in cash over two years, and if he says he doesn't want a deposit of 1.5 million yuan, then he doesn't want it! Using this as bait, luxury car | deposit | young man

Wenzhou native Yang wanted to sell his 16 million yuan worth of commercial housing when he met a wealthy young man driving a luxury car. He not only paid a deposit happily, but later gave up with a 1.5 million yuan deposit.

What kind of business is this guy doing when he can buy a house for 16 million yuan with just one move? Yang thought curiously. But what he never expected was that he would fall into a Ponzi scheme as a result.

A young and promising young man

In August 2020, Yang tried to sell his over 300 square meter commercial house located in Lucheng District through an intermediary, but Qu approached him.

After seeing the house, Qu was very pleased and immediately signed a purchase contract, paid a deposit of 1.5 million yuan, and agreed to complete the property transfer procedures within 1-2 months.

While feeling happy, Yang was also curious: "This young man born in 1995 bought a house worth 16 million yuan. What kind of business is he doing?"

When Yang asked, Qu did not hide anything and told Yang about his phone sales business. Yang is very tempted.

In the blink of an eye, the time for the agreed transfer of ownership had arrived. Yang contacted Qu, but there was a problem with his cash flow. Qu said he needed to do a good job in the business first and temporarily stopped buying the house. He also stated that the 1.5 million yuan deposit he had paid earlier would be used as a penalty to compensate Yang.

In Yang's impression, Qu drove a Land Rover Range Rover, dressed fashionably, and looked young and promising at first glance. Although the house was not successfully sold, seeing Qu so readily, he felt that he was very trustworthy and prepared to invest in Qu's mobile phone resale business.

Drifting investments

Qu showed Yang a video of him picking up goods and took him to contact his online supplier. After seeing it, Yang was even more convinced that Qu was doing a big business, so he made an agreement with Qu to get the goods from him.

At the beginning, Yang only bought a few tens of thousands of yuan worth of mobile phones for testing, and after reselling them, he made a small profit. Afterwards, he increased his investment, investing a total of 40 to 50 million yuan. At first, Qu supplied as agreed, but after December 18, 2020, the supply continued to be delayed.

Yang contacted Qu to inquire about the reason, and Qu said that there was a problem with the previous supplier. Later, Yang repeatedly asked, but Qu kept evading invisibility and owed Yang 20.39 million yuan for goods that had not been shipped.

In addition to Yang, there is also Pan who invests in selling mobile phones in Qu. Pan, who, like Yang, discovered that he had been deceived, first reported to the police.

Originally, the young talent Qu in their eyes only graduated from junior high school and had no fixed career, and his so-called mobile phone business was also a trap.

In 2018, Qu began to venture into the mobile phone resale business. But he found that normal phone reselling can only earn a few tens of yuan per unit, with low sales and no profit. At this time, he and his friends lost over 400000 yuan due to online gambling and urgently needed to repay their debts.

Starting from the second half of 2019, he promoted to his young friends that he had a way to obtain a new and high-end internal mobile phone from a large mobile communication product distributor at a much lower price than the market, and asked them to invest their money in him, which resulted in high profits.

At the beginning, four or five friends invested a small amount of money in Qu's place, and Qu regularly gave them profits, which were 6% -15% of the investment funds. At the same time, Qu is really selling mobile phones and often posts related updates on his social media, creating the impression that he is doing business in the mobile phone industry.

Mobile phone inventory displayed by Qu

Find someone to play the "trick"

In order to obtain more investment funds, Qu said that he could directly provide them with mobile phones and let them sell them on the market, which would result in higher profits.

Because Qu resells some new high-end phones, which are spread through mouth to mouth. Friends bring friends, relatives bring relatives, and a large amount of funds flow to Qu.

Is the mobile phone sold by Qu really from a large distributor, as he said, a first-hand source of goods?

Actually, it's not the case. In fact, Qu instructed his subordinates to purchase a large number of new phones from the market and sell them to investors at a price of 100-500 yuan below the market price. Buying at a high price and selling at a low price, although Qu suffered losses, he established the illusion of a "first-hand source of goods" in the minds of investors.

Qu knows that he is engaged in a business of "robbing Peter to pay Paul", and only by continuously attracting new investments can the "trick" continue to play well. So, he found Yang, a businessman he knew when he first started his mobile phone business.

Qu deceived Yang by saying that he had a large supplier, but the other party was unwilling to show off and he was worried that the customer would find the previous supplier and kick him out. Therefore, he wanted to ask Yang to pretend to be the previous supplier to meet his customer, so that everyone could rest assured. Yang agrees.

After seeing Yang, investors calmed down and gradually increased their investment. So, Qu had money again and could use the investment funds to pay for the profits of previous investors and the losses incurred in purchasing mobile phones.

The crime of changing one's name and surname

In just two years, Qu has attracted 420 million yuan through his fictitious business of reselling mobile phones.

But such a grand occasion is destined to not be sustained indefinitely. At the end of 2020, Qu's "Ponzi scheme" was exposed. In April 2021, Qu was listed as a fugitive on suspicion of fundraising fraud. On September 2, 2022, Qu was arrested.

According to the charges in the indictment, from 2019 to 2021, Qu illegally raised more than 420 million yuan from 42 unspecified individuals, paying principal and profits of over 260 million yuan during the period. However, due to a broken funding chain, he was unable to return more than 160 million yuan.

After the funding chain broke, Qu, who had fled, changed his name to "Guo Jin" and claimed to be an employee of a technology company in Ningbo, repeating his old trick.

He found a "partner" - one of the investors, Mr. Xie. This time, the two characters swapped roles, with Qu playing the role of the previous owner and Xie coming forward to find investors, fabricating the fact that they obtained mobile phones at a low price and sold them to the next owner, continuing to deceive investment funds. After investigation, Xie and Qu fraudulently obtained a total of 4.77 million yuan from three victims.

Recently, the People's Procuratorate of Yongjia County has prosecuted the principal offender Qu on suspicion of fundraising fraud and fraud. At the same time, Xie was also prosecuted. The prosecution believed that Xie defrauded others of their property for the purpose of illegal possession, with a particularly large amount, and should be held criminally responsible for fraud.