"Copycat Bank" Devoured a Huge 1 Billion Funds, and Its Business Is Actually "Repaying People's Debts"?

The main business of this company, which claims to have a central enterprise background, is to help people "relieve debts." Its development and expansion speed is staggering. It began to appear on streets across the country in the second half of 2019. According to internal data, the number of branches nationwide has exceeded 200 in 2020.

What kind of routine was used? Lao Zhang wanted to get back the 700,000 yuan he had borrowed. Quanxing Puhui said he signed an agreement and the asset management company would repay the 700,000 yuan before they went to collect the debt. Seemingly saving trouble and effort, Lao Zhang needs to pay a service fee of 10%, which is 70,000 yuan, plus a performance bond of 20%, which is 140,000 yuan.

In other words, if you want to get 700,000, you have to pay 210,000 first. As for repayment, Lao Zhang chose monthly payment, and the payment will be completed in 3 years. How could Lao Zhang not see through such an obvious routine?

It turns out that in order to dispel Lao Zhang’s doubts, Quanxing Puhui promised to provide Lao Zhang with real estate equal to the 140,000 deposit as a guarantee. The result is obvious. The house contract has not been seen. The 700,000 yuan was paid in a few symbolic installments, and the 210,000 yuan was paid but disappeared again.

Relying on this routine, Quanxing Puhui absorbed hundreds of millions of yuan in deposits and service fees in just over a year. And it expanded rapidly in the name of franchise (partner). One franchisee said that the funds involved in Quanxing Puhui may have exceeded 1 billion yuan.

At present, the registered address of Quanxing Puhui headquarters is empty. The local financial office said that it has been evicted. As for the money lost by the victims, a settlement plan on January 10 showed that it needs to be divided. Four average withdrawals, one payment in March, and one more year to wait.

I have seen the plan, but whether it will be implemented or not is still a question. "Debt relief" has become a joke again.