Shandong Jianghai Group’s financial fraud case has gathered more than a hundred victims, who collectively signed a letter on July 1st, submitting a second open letter to the central authorities and the highest prosecutorial organ of the Chinese Communist Party. They reiterated that the case was “misclassified” and demanded correction of the accusation of “illegally absorbing public deposits” (“non-absorption”), recovery of embezzled funds, punishment of the masterminds, and thorough investigation into the collusion between officials and businessmen behind the scenes, as well as regulatory dereliction.
July 1st of this year marks the 104th anniversary of the founding of the Communist Party of China. This is another collective voice following the first petition to the CCP leadership on April 29th this year. Ms. Xu, a victim from Binzhou, Shandong, told a reporter that nearly a year has passed since the case, but the main suspects have not been brought to justice, a large amount of funds are unaccounted for, and judicial authorities still insist on filing the case under the accusation of “non-absorption,” attempting to shift the government’s responsibility onto ordinary lenders, leaving hundreds of thousands of victims penniless and powerless to seek justice.
She said, “Since the explosion of Jianghai Group last August, the Shandong provincial government not only failed to address the situation, but also targeted us, the common people, using summons, sealing off and preventing us from petitioning. Some victims even attempted to protest by jumping off buildings. We have organized petitions to the government multiple times, but we can’t even leave our communities. When the police get wind of our activities, they surround our neighborhoods.”
The titled joint letter, “Urging the Prosecution Inspect the Shandong Jianghai Group Contract Fraud Case, Punish the Protector Behind,” points out that since its establishment, Jianghai Group has obtained multiple financial licenses issued by the government, passed annual inspections over the years, and has been recognized by Shandong news reports and awards. It cooperated with local governments and urban investment platforms to establish financial service platforms, which “completely do not meet the legal definitions of ‘non-absorption’ and ‘illegal fundraising.'”
Another victim, Ms. Li, told the reporter that Jianghai Group’s operations have always been advancing under the “legal cover” of the government, including local government equity participations, state-owned enterprise investments and operations, financial regulatory department filing permits, and endorsements from CCP officials. She said, “How can financial activities that have government encouragement, media promotion, and official licensing be considered illegal? Moreover, the masterminds of Jianghai Group have been sent overseas to evade accountability.”
The joint letter raises issues of “procedural illegality” and “substantive illegality,” accusing the police of presuming the accusation of “non-absorption” before the case is filed, forcing victims to fill out specific forms, or else refusing to accept their materials, thereby depriving them of legal rights.
The “Appeal” signed by over a hundred individuals presents three demands: thorough recovery of embezzled funds according to the law, strict punishment of the criminals, and a comprehensive investigation. Ms. Li, who lost five million RMB, said, “The victims in the letter request a complete investigation into the flow of funds, disclosing details of funds flowing into state-owned enterprises, private enterprises, and charitable platforms.” She also stated, “All the money used for charity is the hard-earned money of the common people and should be fully recovered.”
The Jianghai Group case involves over 20 billion RMB and 60,000 families. Over the past ten months, many families have broken up, and some victims have developed depression. The victims argue that since local governments and state-owned enterprises were involved in Jianghai Group’s operations and profited from them, they should bear the responsibility of compensating the losses for the victims. “The government should refund all city investment funds,” the victims emphasize in the letter, “We should not only be defrauded of our money but also be blamed.”
The open letter specifically mentions Zhou Chunwei, the chairman of Jianghai Group and wife of An Zhibin, demanding the immediate revocation of all his political titles, public elimination of influence, and severe punishment for the appointing units including the Provincial Public Security Department and Provincial Appeal Office, “Criminals should not be allowed to parade themselves under the guise of being respectable individuals, humiliating the dignity of the victims.”
Zhou Chunwei is the wife of An Zhibin, the chairman of Jianghai Group, and both fled to the United States after the case.
The various reports listed by the victims not only involve the Shandong Provincial Financial Regulatory Bureau, Public Security Bureau, Industry and Information Technology Department, Finance Department, People’s Bank of China, and Banking and Insurance Regulatory Commission but also include nearly twenty suspects such as high-ranking political and legal figures, CPPCC members, and state-owned enterprise leaders who are suspected of supporting, coordinating, or neglecting their duties regarding Jianghai Group. Some fallen officials, like Liu Xingtai, former Vice Chairman of the Hainan Provincial People’s Congress, are suggested for “further investigation in separate cases.”
Since its establishment in 2021, Jianghai Group has established over a hundred branches throughout Shandong Province, with more than two thousand employees, claiming to provide financial services for small and medium-sized enterprises, and attracting hundreds of thousands of people to participate in the “emergency lending” plan. After the case exploded in August 2024, initial police reports indicated involved funds exceeding 40 billion RMB, and the main suspects An Zhibin and Zhou Chunwei have been hiding abroad and have not returned.
In late April 2025, the victims collectively submitted a complaint to the central leadership, pointing out that government policies themselves encouraged participation in the “emergency lending” scheme, and there were conflicts of interest between local regulatory authorities and financial platforms. On July 1st, they spoke out collectively again, hoping to draw attention from the top leadership on the Party’s founding day to urge for judicial fairness.
A legal scholar in China who requested anonymity told reporters that this case “carries extremely high symbolic significance,” not only testing the boundaries between local governments and enterprises but also examining China’s rule of law in protecting misled masses. He said, “If local governments both encourage and do not take responsibility, it will only create greater social discontent.”
As of the time of this report’s release, the Shandong provincial government and public security authorities have not responded to the open letter on July 1st.