Shandong Jianghai Group, which exploded like a thunder last year, saw its chairman and his wife flee to the United States, leaving over sixty thousand victims with no way to recover their hard-earned money. Recently, victims who have been denied justice sought attention from the public, only to be detained by local police, sparking concerns about the Chinese Communist authorities’ control over freedom of speech.
According to a report by Radio Free Asia on April 30, Ms. Wang, one of the victims, said that in recent days, over ten depositors from cities like Weifang and Zaozhuang have been administratively detained by local police for sharing foreign media reports or previously receiving interviews from the radio station in group chats or privately.
“They say we are being used by anti-China forces and even accused us of committing crimes,” Ms. Wang said. “They (the police) took information posted on major overseas websites and detained over a dozen people, including some individuals from other provinces and cities, some of whom recommended each other to share reports.”
Jianghai Group is a financial company that has long received support from the Shandong provincial government, operating legally with the government’s backing for 15 years. The group collapsed last August due to the breakdown of its financial chain, involving a staggering amount of 20 billion yuan. The police classified the case as “illegal fundraising,” which the victims questioned as an attempt to evade responsibility. Despite multiple requests from the victims to disclose the truth of the case and retrieve their funds, they have been repeatedly summoned, detained, and monitored by public security authorities.
Another victim, Ms. Zhang, told the radio station that some of the detainees have been released for two weeks, while a few individuals remain detained. “The police forbade us from contacting overseas anti-China forces. I said, if you (the government) didn’t do those things, would we be used by others? I just want to release information to see if you (the police) are breaking the law. As for being ‘anti-China,’ I do not understand it.”
Reportedly, the victims have sent an open letter to the Central Commission for Discipline Inspection, the Supervisory Commission, and the Ministry of Public Security of the Chinese Communist Party demanding a thorough investigation of the case and the recovery of over 20 billion yuan involved to protect their legitimate rights and interests.
The open letter stated, “The Jianghai case submitted by the investigators contains inaccuracies that have caused significant harm to us victims… The case hasn’t been filed yet, and the Shandong Provincial Public Security Department subjectively determined it as ‘non-fraudulent fundraising,’ designing a ‘non-fraudulent fundraising’ form for victims to fill out.”
The letter questioned whether Jianghai Group, which holds six major financial business licenses officially issued by the government, pays taxes in compliance with the law every year, and passes annual inspections every time, would engage in illegal fundraising encouraged by government policies. It also questioned the legality of government shareholding operations, officials’ support for illegal fundraising, and government accepting security deposits for illegal fundraising.
The letter emphasized that the “emergency loan” business conducted by Jianghai Group was originally government-led to assist private enterprises in overcoming financial difficulties. “We became lenders because we trust the government,” however, local governments not only failed to fulfill their supervisory duties but also appeared to have committed administrative violations. “We hope the government will give us a fair and satisfactory outcome. ‘Serving the people’ cannot be just an empty slogan! ‘Ensuring a peaceful and prosperous life’ cannot be just a castle in the air!”
According to Ms. Le, a resident of Linyi, Shandong, since 2023, multiple fundraising enterprises in Shandong have collapsed one after another due to the breakdown of their financial chains, with last year being particularly severe. These financial companies, she said, aim to make a profit under the guise of financing.
Previously reported:
Shandong Financial Enterprise Explosion Case; Owner Flees to the United States, Victims Left with No Recourse.