China Fund News reported that after former Shanghai tycoon Dai Zhikang was sentenced to 19 years in prison for illegally absorbing public deposits and raising funds for fraud, his mansion will inevitably go on the road to judicial auction.
Alibaba auction platform shows that the Jiujiantang villa previously owned by Dai Zhikang and located at Lane 599, Fangdian Road, Pudong New District, Shanghai, was seized by the Pudong Branch of the Shanghai Public Security Bureau and will be held for judicial auction on March 4. The current estimated value is 127 million yuan. , with a starting price of 90 million yuan.
Dai Zhikang's "Zhengda Department" investment territory is involved in real estate, finance, culture and other fields. In 2007, his net worth was as high as 10 billion and he was listed on the Hurun China Rich List. At the end of 2022, the Shanghai No. 1 Intermediate People's Court decided to sentence him to 19 years in prison and fine him 25.5 million yuan for illegally absorbing public deposits and fund-raising fraud.
Dai Zhikang’s Jiujian Tang was auctioned by the judiciary
The starting price was 90 million yuan
Recently, news of a judicial auction of a luxury mansion caused heated discussions on multiple social network platforms because the former owner was Dai Zhikang, the former actual controller of Zendai Group.
The Alibaba auction platform shows that the entire villa located at No. 15, Lane 599, Fangdian Road, Pudong New District, Shanghai, was judicially auctioned by the Shanghai No. 1 Intermediate People's Court. The house has an appraised value of 127 million yuan and a starting price of 90 million yuan. The auction will start on March 4.
Relevant information also shows that the name of the community where the house is located is "Jiujiantang", bounded by Liushan Road to the east, Zhangjiabang to the south, Fangdian Road to the west, and Jinxiu Road to the north. The construction area is 681.11 square meters; of which the underground area is 347.7 square meters; the house type is a garden residence, and the owner of the lot is Dai Moukang.
At present, part of the exterior wall of the subject has been demolished, and the doors and windows are missing; the structure of the house has changed significantly, and there is an illegal construction registration; the subject is auctioned as it is, and the buyer must within three months from the date of receiving the execution ruling of the auction transaction. , according to the requirements of relevant departments, restore the subject matter to its original condition and submit it to the Real Estate Registration Center to eliminate illegal construction registration. The cost of demolishing illegal structures and restoring the house to its original condition shall be borne by the buyer.
Judging from the currently public pictures, the house is very dilapidated and the interior is in a mess.
It is reported that Jiujiantang is a well-known mansion in Shanghai, close to Shanghai Century Park. It was developed by Shanghai Zendai Delta Real Estate Co., Ltd. under Dai Zhikang. It is a Chinese-style villa. There are also many well-known Shanghai properties such as Yu Cui Garden nearby. Netizens on multiple online social platforms such as
Xiaohongshu also gathered to watch the judicial auction.
The first-instance verdict of the Zhengda Department of Fund-raising Fraud Case:
Dai Zhikang was sentenced to 19 years and fined 25.5 million yuan
On the morning of December 30, 2022, the Shanghai No. 1 Intermediate People's Court (hereinafter referred to as the Shanghai No. 1 Intermediate Court) publicly sentenced the defendant in accordance with the law. The unit Shanghai Zendai Cultural and Creative Development Co., Ltd. (hereinafter referred to as Zendai Cultural and Creative Company), the defendant Dai Zhikang and other seven persons were involved in the case of illegally absorbing public deposits and committing fund-raising fraud. Zendai Cultural and Creative Company was guilty of illegally absorbing public deposits and committing fund-raising fraud. For the crime, it was decided to impose a fine of RMB 100 million; for Dai Zhikang, for the crime of illegally absorbing public deposits and fund-raising fraud, it was decided to be sentenced to 19 years in prison and fined RMB 25.5 million; for Dai Weixin, Yu Yao, Zhang Yanhua, Lu Weifeng and Gu Wenjun , Xu Shengkuan was convicted of illegally absorbing public deposits and fund-raising fraud, and were sentenced to prison terms ranging from 13 years to seven years and six months, and fines ranging from 10 million yuan to 1.5 million yuan.
After trial, it was found that in July 2006, the defendant Dai Zhikang registered and established the defendant’s unit Zendai Cultural and Creative Company. In order to carry out illegal fund-raising activities, Dai Zhikang successively established Shanghai Zendai Investment Consulting Co., Ltd. (hereinafter referred to as Zendai Investment Consulting Co., Ltd.), Shanghai Zendai Thumb Wealth Management Co., Ltd. (hereinafter referred to as Zendai Thumb Company), and Shanghai Zendai Thumb Wealth Management Co., Ltd. (hereinafter referred to as Zendai Thumb Company) from 2011 to 2014. Zendai Financial Information Services Co., Ltd., Shanghai Zendai Aite Financial Information Services Co., Ltd. (hereinafter referred to as Zendai Aite Company) and other "Zenda-series" enterprises have Zendai Cultural and Creative Company as the top management.
From November 2011 to August 2019, with the decision and instruction of Dai Zhikang, and without the approval of relevant authorities, Zendai Investment Consulting Company solicited borrowers to sign loan contracts with main terms ranging from 12 to 36 months. After deducting relevant service fees, the loan is lent to the borrower, and then the loan debt is split and packaged according to the loan contract amount into debt-transferable financial products with a term of 1 to 36 months and an annualized return of 5% to 15%. Through external publicity Guaranteed principal and interest payments, etc., will be sold offline by Zendai Thumb Company or online on the "Finding Treasures" platform of Zendai Aite Company, thereby illegally raising funds from the public.
Starting from April 2016, in order to deal with the vicious cycle of insufficient funds to lend, unable to generate sufficient debt, unable to package sufficient financial products, and unable to raise sufficient funds caused by the rising overdue repayment rate of debts of "Zhengda Group" enterprises, After Dai Zhikang reported to Dai Weixin, he decided to continue illegally raising funds from the public by falsely selling overdue debt products and falsely raising bids.
According to audits, from November 2011 to August 2019, "Zhengda Group" companies sold a total of more than 59.666 billion yuan in financial products to more than 350,000 lenders. By the time of the incident, more than 26,500 lenders had not repaid their principal. The total amount of gold is more than 7.521 billion yuan. Among them, from November 2011 to April 14, 2016, "Zhengda Group" enterprises illegally raised more than 17.96 billion yuan in funds, and failed to pay more than 154 million yuan in principal; from April 15, 2016 to the incident, illegally raised funds More than 41.706 billion yuan, with an unpaid principal of more than 7.366 billion yuan. The aforementioned funds raised are mainly used for lending, cashing out lenders' funds, paying operating expenses, etc.
Shanghai No. 1 Intermediate People’s Court held that: The defendant’s unit, Zendai Cultural and Creative Company, and the defendant Dai Zhikang and other seven units’ directly responsible managers and other directly responsible personnel violated national financial management regulations and absorbed huge amounts of funds from the public. Their behavior All of them have constituted the crime of illegally absorbing public deposits; the seven defendants including Zendai Cultural and Creative Company and Dai Zhikang also used fraudulent methods to illegally raise huge amounts of funds for the purpose of illegal possession. Their actions have constituted the crime of fund-raising fraud. Zendai Cultural and Creative Company and the defendants should be punished for several crimes. The illegal fund-raising activities of Zendai Cultural and Creative Company, Dai Zhikang and others have seriously damaged the national financial order and caused huge economic losses to the victims. Taking into account the facts, nature, circumstances and degree of social harm of this case, the above judgment was made in accordance with the law.
This city’s judicial organs will continue to strengthen the recovery and recovery of assets involved in the case.
Former Shanghai Bund Boss
Dai Zhikang was once a Shanghai Bund Boss. He once dominated the Shanghai real estate industry and financial industry and created the huge "Zhengda System". It has developed many well-known real estate projects in Pudong, Shanghai, such as Zendai Thumb Plaza, Zendai Wudaokou Plaza, Zendai Himalayas Center and Jiujiantang. Dai Zhikang's net worth has also exceeded 10 billion yuan, making him one of the Hurun Rich List.
Zendai Group has a wide investment scope. In the real estate field, it has developed Zendai Wudaokou, Zendai Thumb Plaza, Zendai Himalayas Center, Zendai Jiujiantang, etc.; in the financial field, it mainly includes Zendai Financial Services, Western Trust, etc.; in culture, Invested in Shanghai Himalayas Art Museum, Zendai Culture, and Grand View Stage;
In 2004, Dai Zhikang ranked 57th on the Hurun Rich List with a net worth of 1.7 billion. In 2007, Dai Zhikang ranked 65th with a net worth of 10 billion.
However, as time changed, Dai Zhikang lost step by step. After 2015, Dai Zhikang learned from the pain and reorganized the three major industries of Zendai Group: Internet finance, culture and health, and determined Internet finance as the main channel of Zendai Group in the future. Soon after
fully transformed into Internet finance, the online loan industry began to collapse.
The starting point of the collapse of the "Zhengda Department" began on August 29, 2019. On that day, Dai Zhikang, the leader of the "Zhengdai Department", surrendered, which shocked the financial circle for a while.
Subsequently, the Pudong Branch of the Shanghai Municipal Public Security Bureau opened an investigation into "Zhengda Company" on suspicion of illegally absorbing public deposits. It took criminal coercive measures against 41 criminal suspects including Dai Zhikang in accordance with the law and seized the relevant assets involved in the case.
Until March 31, 2021, this major illegal fund-raising case entered the court trial process.
In fact, the illegal fund-raising by the "Zengdai Group" is also disguised as p2p.
In 2010, Zendai began to get involved in small and micro finance. Its platforms include Shenzhen Zendai Sudai Micro Loan, which provides bank loan assistance, Haimen Zendai Rural Micro Loan, which supports the rural economy, and Shanghai Zendai, which has a p2p matching platform as its core business. Fortune, and Beijing Jieyue United.
According to previous reports in 2015, Zendai’s microfinance company has a loan scale of 15 billion, has established more than 300 branches and outlets across the country, has millions of customers, and may have more than 5,000 employees.
At that time, Dai Zhikang was very optimistic about p2p. "Of all the development directions in the financial system, I am most optimistic about p2p. The future development trend of the financial industry is financial disintermediation and disintermediation. This is the essence of Internet finance. The entire financial industry will undergo changes in the future." , there is a lot of room for imagination."
In 2019, many p2p companies went bankrupt, and in early August, the crisis of the "Zhengda System" began to erupt. On August 12, 2019, the labor contracts of the company's headquarters and all company personnel were terminated. On the same day, "Laocaibao" stopped new business, recharge services and debt transfer services. On August 26, Dai Zhikang made it clear to all users that he would not pass the blame, run away, or lose contact. The next work focus would be on the repayment management and collection of debt assets.
However, just three days after speaking out, Dai Zhikang surrendered to the police. On September 9, 2020, the Shanghai Pudong Police disclosed new progress in the recovery and recovery work of the "Zhengda Culture Illegal Absorption of Public Deposits Case". The public security organs have recovered more than 1.5 billion yuan in cash in accordance with the law, and seized and frozen relevant bank accounts, equity, and Real estate and other assets involved.
(Source: China Fund News)
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