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- Source/Night Deep Finance
- Author/Night Deep Finance
Introduction: Presumably, you still remember the sensational "Chengxing Department" 30 billion shocking fraud case!
Recently, the judicial battle between Noah Fortune and JD.com triggered by this case has ushered in a key node - the dust has settled on the first-instance judgment.
01, refusing to accept the giant cauldron, Jingdong is not responsible
On May 8, some media reported that the Shanghai Financial Court made a first-instance judgment in the case of Shanghai Gopher Asset Management Co., Ltd. and Shanghai Ziyan Car Rental Service Co., Ltd., both subsidiaries of Noah Wealth, against JD.com, "Chengxing" Company and Suzhou Shengjun.
The judgment shows that JD.com does not need to bear the liability for compensation, and the "Chengxing" related companies need to pay 3.41 billion yuan to Shanghai Gopher, 85 million yuan to Ziyan Automobile, and also have to bear 3 million lawyer fees, property preservation guarantee fees and more than 17 million case acceptance fees.
Source: Noah Holdings announcement
However, the first-instance verdict in this case is still under appeal, and the final outcome has not yet been fully determined. Noah Holdings announced that the judgment of the Shanghai Financial Court will not take effect until the end of the appeal period, which means that there are many variables in the future, and JD.com may still be involved in this turmoil.
It is worth mentioning that Luo Jing, the mastermind of this fraud case, who caused JD.com to suffer an "unwarranted disaster", has been sentenced to life imprisonment and fined 20.1 million yuan by the Shanghai No. 2 Intermediate People's Court in November 2022, and his sister Luo Lan was also sentenced to 17 years and six months in prison. Luo Jing appealed after that, but in January 2024, the Shanghai High People's Court rejected the appeal of Luo Jing and others and upheld the original verdict.
At the same time, the judgment shows that in the process of falsification of the "Chengxing case", no staff of JD.com and other companies participated in or knew about it, and the relevant fraud acts that occurred in JD.com were all committed by the "Chengxing Department" personnel through the whole process of fraud.
Prior to the latest judgment, some legal professionals pointed out that Noah Wealth's debt claim against JD.com was difficult to establish.
In this regard, some netizens said, "I was deceived and still looked for JD.com, why should JD.com bear the loss." "This is a man sitting at home, and the pot comes from heaven."
Source: Network screenshot
From the current point of view, although JD is not legally responsible, this lawsuit has really caused JD to suffer an "unwarranted disaster". JD.com, as the defendant, not only had to bear the heavy pressure of the lawsuit, but also had to spend a lot of time and resources on defense, which obviously had a certain impact on its reputation and business.
02, the "Luo Jing Case" revealed that the two "Radish Chapters" defrauded more than 30 billion!
Why did Noah Fortune take JD.com to court? This has to look back at the "Chengxing Department" fraud case a few years ago.
The protagonist of the story, Luo Jing, was once a shining star in the business world, and with her excellent business acumen and the charm of a female leader, she firmly occupied a place in Mulan Hui.
Beneath this glamorous façade, however, lies a well-orchestrated storm of financial fraud.
From 2015 to 2019, Luo Jing skillfully used the "Chengxing" company she controlled to carry out supply chain cooperation with e-commerce giants JD.com and Suning, seemingly laying a legal financing path, but in fact it was full of pitfalls.
Source: Internet
To put it simply, Chengxing first advanced funds to these two giants for procurement, and then settled after the goods were sold, playing the role of a middleman, which is no problem. But Luo Jing had a crooked idea in this ordinary transaction process.
In order to raise funds quickly, Luo Jing directed a big drama of "accounts receivable".
She privately forged the seals of JD.com and Suning, and fabricated a large number of trade data and accounts receivable, making these "assets" that did not exist seem real and credible. And these "assets" have become a stepping stone for her to obtain huge loans.
Subsequently, Luo Jing set her sights on Noah Fortune, a well-known wealth management institution, and through a series of well-designed deceptive methods, such as sending employees to pretend to be JD employees to receive investigations, forging official websites and databases, etc., successfully convinced Noah Fortune to be true, and finally signed a contract in the corridor of JD.com, thereby opening the door to funds.
Not only that, Luo Jing also offered bribes to the relevant personnel of Noah Fortune and Gopher Assets to ensure that the scam was not detected through these illegal means, involving an amount of up to 3 million Hong Kong dollars.
Source: Internet
In the end, Luo Jing not only defrauded funds from Noah Wealth, but also pulled a number of financial institutions, such as Xiangcai Securities and Yunnan Trust, into this quagmire, with a total amount of more than 30 billion fraud, and the economic loss directly caused by it reached an astonishing 8 billion.
However, no matter how subtle the lie is, there will always be a day when it will be exposed.
Luo Jing tried to use the defrauded funds to exert his strength in the stock market, but because of the failure of the investment, especially the failed operation of Boxin shares, the capital chain was finally broken, and the carefully constructed financial bubble burst instantly, and the matter was exposed.
After Luo Jing was arrested, in July 2019, Noah Fortune pointed the finger at JD.com and filed legal proceedings, demanding that JD.com repay the losses of 3.415 billion yuan, 85 million yuan and the corresponding litigation costs.
Source: Internet
JD.com responded quickly, issuing a statement denying the allegations and accusing Noah Fortune of being a malicious lawsuit in an attempt to shift responsibility.
Then, Gopher Assets, a subsidiary of Noah Wealth, also issued an announcement saying that it did not understand the sudden emotional statement issued by JD Group. At the same time, JD.com is called on to submit evidence through legal channels to clarify the facts.
Source: Noah Fortune WeChat public account
Seeing this, do you feel a little confused?
To put it simply, there is a supplier who feels that the speed of JD Baitiao's payment is too slow, so he forged a large number of Baitiao debts for sale.
When Noah Fortune saw it, he felt that Jingdong's strips were guaranteed, so he sent someone to investigate. After the person who went to inspect accepted a bribe of 3 million Hong Kong dollars from the other party, he signed a contract with others in the corridor of JD.com. However, JD.com only learned about these things after the incident.
The occurrence of this incident seems quite absurd, just like "Private Custom" played by Ge You, the guards in the enemy prison are all their own people.
Source: Screenshot of "Private Custom".
In fact, Noah Fortune will be deceived, it has its own great problems, public information shows that Noah Fortune has had more than a dozen similar incidents in recent years, tens of billions of funds are facing problems, and also repeatedly concealed information from investors, repeatedly warned and punished by the regulatory authorities.
03, absurd plots are not uncommon
In this era full of surprises and surprises, the "Rashomon" incident staged in the business circle can always quickly attract the public's attention.
In 2020, the "Tencent VS Lao Gan Ma" turmoil that affected everyone, just like "Noah Fortune VS JD.com", was full of absurdity, but it was very intriguing.
The story begins with a civil ruling, in which Tencent claims to have a cooperation dispute with Lao Gan Ma and asks the court to freeze the latter's assets of about 16.24 million yuan.
Source: [email protected]
Tencent said that the two sides had signed a cooperation agreement, and Tencent used its popular game QQ Speed to promote Lao Gan Ma's products, but it has never received the agreed payment, so it has no choice but to resort to law.
The old godmother quickly hit back, insisting that she had never had any form of cooperation with Tencent, and immediately called the police, and for a while, public opinion was in an uproar.
Source: Lao Gan Ma statement
The truth soon came to light, and it turned out to be an elaborate hoax.
The three criminals forged the seal of Lao Gan Ma and pretended to be executives to sign a contract with Tencent, just to defraud the game package code and then resell it for profit. The Guiyang police acted quickly to criminally detain the three people, and a misunderstanding was finally clarified.
After the turmoil, Tencent and Lao Gan Ma issued a joint statement, in which the former withdrew the lawsuit and apologized for the misunderstanding, promising to strengthen the contract review; The latter also accepted Tencent's apology, and the two sides worked together to tide over the difficulties.
At the end of 2021, the mastermind was sentenced to 12 years in prison, and the other two were also punished accordingly and compensated Tencent for its losses.
In general, in the business world, such absurd plots seem to be commonplace. The "Chengxing system" fraud case is just one of the typical examples, which warns people to stay vigilant and stick to the bottom line of law and morality.
And JD.com's experience in this turmoil also shows us the helplessness of being involved in disputes for no reason. It is hoped that the business environment will be more standardized in the future, reduce the occurrence of such farces, and let the market develop on a healthy and orderly track.
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