Shandong Linyi investment platform “Shu Pai Yi Gou” is promoting itself with the banner of “innovative e-commerce + investment management,” attracting tens of thousands of investors. Recently, “Shu Pai Yi Gou” was reported to be involved in a potential scam or fraud involving 60 billion RMB, leading to a large number of investors protesting at the local “Shu Pai Yi Gou” offline stores. They were met with police crackdown, with several investors being taken away by the authorities.
Video footage shows that on July 22nd, a large number of investors gathered in Linyi Guohua New Town, Shandong, for protests, with a significant police presence and riot vehicles deployed. Several protesters throwing stones were arrested by the police. It is rumored that around 60 billion RMB has been deceived, with potentially tens of thousands of people affected. Currently, an investigation team has been established in Shandong Linyi to verify the situation, and the headquarters of Shu Pai has been sealed off.
A victim from Yinchuan, Song Zheng (alias), told The Epoch Times that many people in Ningxia have been scammed due to the pyramid scheme nature of the organization. He was brought in to invest by relatives last year and has not been able to withdraw any funds. He invested 1 million RMB, his younger uncle invested seven to eight hundred thousand RMB, while his sister’s husband sold his truck to invest in it, and even those in the cattle-raising industry sold their livestock to invest. Many people borrowed money or sold their houses to put into this scheme, feeling pitiful, mainly involving young people who wished to get rich quick without much effort.
“I went to the scene today, but it was chaotic with armed police guards present. Investors have to register at the police station, noting the amount deceived. If the funds can be recovered, they may receive some compensation,” said Song Zheng. He added, “I estimate that there will be no refunds, even the government officials are involved, this is clearly a scam. Government officials must have taken the money, deceiving the common people.”
Regarding the economic fraud case, Yang Yu (alias), a legal professional from Shandong, expressed to The Epoch Times that it is a form of financing or fundraising fraud with bureaucratic background. He emphasized, “In such circumstances, it is very challenging for the common folks to fight for their rights.” He further explained, “Most of these financing and fundraising frauds, embezzlement cases have a background of powerful control, or else such situations would not occur.”
Public records show that Shandong Shuke Yi Gou E-commerce Co., Ltd. was established in January 2024, with a registered capital of 30 million RMB. The company has been operating for just over a year. Its parent company, Shandong Shu Pai Digital Economic Industrial Park Management Group Co., Ltd., was established in July 2020 with a registered capital of 30 million RMB. Shu Pai Yi Gou’s founder, Wang Shaoqing, bears titles such as university professor and a patriotic entrepreneur, even appearing on national TV for charity work. However, a scandal broke out in July this year.
In the eyes of mainland China current affairs observer Qiu Sheng (alias), Chinese people, under the brainwashing education of the Communist Party, lack independent thinking abilities and are thus highly susceptible to fraud. He stated, “Using patriotic rhetoric, authority figures, celebrities, and some officials, along with authoritative media platforms, many people automatically believe it is reliable.”
Linyi resident Lu Tingting (alias) shared with The Epoch Times, “Last Thursday and Friday, when I went to the municipal government for some errands, I saw a large crowd there. Several entrances to the municipal government were sealed off, and people were not allowed to pass through. I heard there was a platform that had a scam.”
Currently, the chairman of “Shu Pai Yi Gou,” Wang Shaoqing, has gone missing. His phone is unreachable, the registered address of the platform has been revoked, and the office area is abandoned. The fallout from the collapse of “Shu Pai Yi Gou” has sent shockwaves through the online auction industry, with platforms like Aixinghe and Rongyuhe also being revealed to have similar deceptive practices and facing complete liquidation.
“The collapse is a consistent tactic of the Chinese Communist Party’s elite to collectively defraud the public. The government’s credibility in front of the common people has already collapsed. However, China is a complicated place. Some issues still must be solved through official channels, which is quite absurd,” Lu Tingting commented.