The Regulations on the Prevention and Disposal of Illegal Fund-raising, which came into effect on 1 May 2021, make it clear that "illegal fund-raising" as used in these Regulations refers to the act of absorbing funds from unspecified targets without permission or in violation of regulations, by promising principal and interest repayment or giving other returns. It can be seen that one of the important characteristics of illegal fund-raising is the absorption of funds from "unspecified targets".
Therefore, if you only borrow money from specific relatives and friends, and the number is small, it is not "illegal fundraising".
But in practice, some people will do propaganda through relatives and friends around them, and many relatives and friends of relatives and friends are involved, and the crowd is unspecific. This can become "illegal fund-raising".
According to laws and relevant judicial interpretations, individuals who illegally absorb or covertly absorb deposits from the public, the amount exceeds 200,000, or the number exceeds 30, or causes direct economic losses of depositors exceeding 100,000 yuan, shall be investigated for criminal liability in accordance with law.
Therefore, it is also prudent to borrow money from friends and relatives around you, and pay attention to preventing legal risks.
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