Red Star Capital Bureau reported on October 13 that 13 months after being exposed to be missing, Lin Qiang, the former capital boss and the actual controller of the "Hehe Department", was arrested overseas.
At the end of August 2023, the news of Lin Qiang's disappearance caused a shock in the asset management circle. Since its disappearance, the products issued by Hehe began to expire, and the capital empire of "Hehe" gradually collapsed.
Lost contact for more than a year
Lin Qiang was arrested in Bali, Indonesia
ACCORDING TO SHENZHEN BUSINESS DAILY READING CHUANG FINANCIAL REPORT, ON OCTOBER 10, SIL·MY KARIM, DIRECTOR OF THE INDONESIAN IMMIGRATION BUREAU, REVEALED AT A PRESS CONFERENCE THAT LIN QIANG, THE ACTUAL CONTROLLER OF "HEHE", WAS DETAINED AT THE NGURAH · RAI INTERNATIONAL AIRPORT IN BALI, INDONESIA.
Regarding the details of Lin Qiang's arrest, it is reported that at 19:00 local time on September 26, Lin Qiang arrived in Bali from Singapore with a Turkey passport (passport number U23358200) named JOE LIN and a visa on arrival (VoA). Coincidentally, just the day before, Interpol issued a "Red Notice" against him, asking law enforcement agencies around the world to detain or arrest the wanted criminal.
Subsequently, Lin Qiang's biometric data was entered into the airport's database. When he left the country, he was automatically identified by the system because his biometric characteristics matched those of the wanted criminal.
According to the report, at the press conference on October 10, Lin Qiang was wearing an orange prison uniform and a white mask. Hilmi · Karim said at a news conference that Lin Qiang was accused of defrauding more than $14 billion (about 98.9 billion yuan) from more than 50,000 people through a Ponzi scheme.
He was awarded the Ten Outstanding Young Persons
He was still giving media interviews before he went missing
The so-called "Hehe Group" refers to three companies: Shanghai Hehe Capital Investment Management Co., Ltd. (hereinafter referred to as "Hehe Capital"), Hehe Asset Management (Shanghai) Co., Ltd. (hereinafter referred to as "Hehe Joint Venture Management") and Hehe Futures Co., Ltd. (hereinafter referred to as "Hehe Futures").
Behind the "Hehe Department" is Lin Qiang, a well-known asset management tycoon, who is not only the actual controller of Hehe's first creation, but also one of the three major partners of Hehe Futures.
Lin Qiang's resume is very glamorous. According to public information, Lin Qiang graduated from Shanghai Jiao Tong University with a major in international economics and trade, and obtained an EMBA master's degree from Shanghai Jiao Tong University and a DBA doctorate from Peking University.
In addition, Lin Qiang has more than 10 years of experience in the financial industry, and has worked in large financial institutions such as Cathay Life, Sinolink Securities, and Sinolink Fund. In 2021, he was also selected as one of the "Top Ten Outstanding Young Persons of Lujiazui Financial City".
The picture is Lin Qiang's public profile
At the end of August 2023, the news of Lin Qiang's disappearance caused a shock in the asset management circle. The reason is that there is market news that the joint venture management issued an "announcement on the establishment of a temporary leading group". It was mentioned that because Lin Qiang could not get in touch, in order to ensure the normal operation of the company, the company's senior management decided to set up a temporary leading group.
Immediately after September 5, 2023, he clarified on the official website that the above announcement was not issued by him, and Lin Qiang was "not the chairman and actual controller of our company". Hehe Futures also "cleared" its relationship with Lin Qiang, saying that he was not the actual controller of the company, and although he was a director, he currently does not hold any position in the company.
Red Star Capital Bureau noticed that before the loss, Lin Qiang also accepted an interview with the media about how to boost investor confidence.
The empire of the capital of the Harmony system collapsed
or more than 4.5 billion yuan overdue payment
Since Lin Qiang lost contact, the products issued by Hehe began to expire, and the "Hehe" capital empire gradually collapsed. In September 2023, according to the Securities Times, many investors have reported the case one after another and went to the company to ask for explanations, and some employees of the company who bought the products also expressed concern.
At the end of October 2023, Hehe Capital announced that multiple factors led to the failure to pay in full when some products under management of the company and related parties. According to the announcement, the total unpaid amount of Hehe Capital at that time was as high as 5.256 billion yuan.
On April 9, 2024, Hehe Capital said that it was seriously insolvent and unable to pay, and the payment work was suspended from now on. According to statistics, at present, the redemption rate of Hehe Capital is only about 13%, and the scale of overdue payment may exceed 4.5 billion yuan.
On the second day after Hehe Capital claimed that it was insolvent and unable to pay, the Yangpu Branch of the Shanghai Public Security Bureau issued a "Police Circular" to file and investigate the suspected illegal fund-raising crime of the "Hehe" company in accordance with the law, and to take criminal coercive measures against Wang Moumou and other criminal suspects.
The picture comes from the Yangpu public account of the police and people's direct train
At present, the police have not announced the progress of the case of the "Hehe" company. However, the Red Star Capital Bureau noticed that the Tianyancha APP showed that in August 2024, the People's Court of Binjiang District, Hangzhou City, had frozen 160 million yuan of equity in the joint venture management.
Hehe Capital was established in January 2016 with a registered capital of 1 billion yuan. The main business is equity investment funds, securities investment funds, bill investment funds, real estate funds, overseas asset allocation, family trusts, etc. Among them, the bill business is one of the core factors of Hehe's first thunderstorm, and there were 8 "thunder" products in the early days, of which 7 were bill asset transfer projects.
In addition, Lin Qiang also has a close relationship with Yu Lei, another boss in the debt circle. According to China Fund News, Yu Lei held a number of investment companies through equity and secretly used industry resources to privately participate in structured bond issuance and collect fees. Through the channel of futures companies, it connects with the urban investment platform at one end and the funders at the other end, and collects "benefits" from it, building a huge structured bond issuance system for urban investment. Lin Qiang is Yu Lei's most important sales channel.
Red Star News reporter Qiang Ya Milling
Edited by Yang Cheng
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