"At the time, I was quite interested in this 'smart elderly care home construction project.' It was originally a good cause serving society, and our company also does smart home engineering." At the end of 2016, Xue, the legal representative of an electronic technology company in Zhengzhou, Henan, learned about the elderly care home project of a Henan elderly care company and signed a smart elderly care home engineering contract with its legal representative, Jia. At the same time, he signed a contract with Jia in his personal capacity and invested 300,000 yuan to participate in the construction of the elderly care home.

　　However, by 2018, the progress of the entire elderly care home project had come to a standstill. Xue repeatedly pressed Jia for the project payment, but was put off by him under various pretexts.

　　In November 2018, Jia took the initiative to contact Xue and remitted 3.05 million yuan to his company. But the next day, he claimed that the company was short of funds and that the contract would not be performed, and asked Xue to remit the 3.05 million yuan to an account he provided. In December of the same year, Jia used the same trick to transfer 1 million yuan and asked Xue to remit the money to an account he provided again. At this point, other companies involved in the elderly care home project contacted Xue to ask whether there had been any transfers. Xue realized that he might have been defrauded, and more than 10 other companies had suffered the same fate as his company.

　　It turned out that after the project started in 2017, these companies had each signed engineering contracts with the Henan elderly care company, but Jia had only signed contracts with these companies without affixing the official seal to the contracts, which left these companies unable to obtain the project payment for a long time.

　　It was not until July 2019, when Jia was sued in court by a construction group for failing to pay the project payment, that his investment fraud was exposed. Upon auditing its accounts, the Henan elderly care company found that the books showed that the project payment for the elderly care home project undertaken by the construction group had already been paid in full, yet the group had filed a lawsuit with the court demanding payment of the project payment, so the company reported the matter to the public security authorities.

　　The public security authorities investigated the case and found that, in addition to diverting project payments from multiple companies, Jia had also attracted many elderly people to invest by means of the "elderly care home project." It is understood that Jia had taken interested elderly people to visit the site of the elderly care home. During the project construction period in 2017, Jia agreed in the contract with investors that after investing, the company would pay high dividends every year at the end of the year. But when the end of the year came and the elderly investors asked Jia about the dividends, they were fobbed off with various excuses and the matter was delayed again and again.

　　In March 2022, the public security authorities transferred the case to the Zhengzhou High-tech Industrial Development Zone People's Procuratorate for review and prosecution. The prosecuting prosecutor ascertained that during his work at the Henan elderly care company, Jia, by privately carving official seals and forging false contracts, gained the trust of some elderly people and induced them to invest in the elderly care home project in the name of high dividends and elderly care investment. He then misappropriated more than 9 million yuan of investment funds from a Zhengzhou new industry investment fund partnership enterprise and transferred the money in the name of paying project payments, among other things, to other companies under his name, using it to repay the money he had defrauded from elderly people and others who invested in the elderly care home project and to operate other companies under his name.

　　On August 4, 2023, the High-tech Zone Procuratorate filed a public prosecution with the court against Jia for the crime of misappropriating funds. Recently, the court sentenced the defendant Jia to six years and nine months in prison for the crime of misappropriating funds, fined him 50,000 yuan, and ordered him to compensate the relevant companies for economic losses of more than 38 million yuan.