Police Crack Down on Illegal Sale of Long-Term Suspended Bond Case with Over 200 Million Yuan Involved

According to CCTV News, in September 2025, multiple investors reported to Shanghai police that the bonds they recommended purchasing through online live broadcasts could neither be redeemed nor traded due to the lack of trading counterparts, suspecting they had been scammed. In response, the police organized an investigation and found that these investors’ bonds were all long-term suspended bonds. Under normal circumstances, these bonds had very little trading volume but were still being heavily acquired through agreements by the company. The police believe that there are hidden illegal activities and criminal behavior related to bond recommendation and trading, leading to an investigation and case filing.

During the investigation, from February to September 2025, suspects such as Xu Mou and others bought large quantities of suspended bonds at low prices from illegal private placements like Lei Mou and others, without proper bond business licenses. They then used high profits as bait, promoting these bonds through free live broadcasts to induce investors to buy at high prices, illegally earning over 60 million yuan. For example, suspects used illegal intermediaries to purchase suspended bonds with a face value of 100 yuan at about 10 yuan on the market. They then exploited investors’ lack of understanding of bond trading and risk awareness, first convincing them that the trading price of around 80 yuan during suspension was the current market price, then诱导 investors to buy at about 50 yuan, tricking them into believing they could profit from the price difference when the bonds resumed trading. In such cases, investors often mistakenly think they are “picking up a bargain,” but in reality, they face multiple risks such as inability to redeem later.

The police found that Xu Mou and others recruited multiple sales staff to attract clients through random calls and other methods, guiding investors into free stock recommendation live rooms. They fabricated investment myths about the main speakers to gain investors’ trust and诱导 them to buy suspended bonds at high prices. To create a lively atmosphere, members of the bond sales team also played different roles such as “water army,” “assistants,” and “teachers” to create a false impression of investment opportunities. If investors lacked the qualifications to purchase bonds, Xu and others would arrange for dedicated personnel to provide company information and open legal securities accounts with specific bond purchase permissions to facilitate bond transfers.

In November 2025, Shanghai police launched a full-chain operation, cooperating with police from other provinces and cities, and arrested over 30 suspects including Xu Mou and Lei Mou. Currently, these suspects are under criminal detention for suspected illegal business operations, and the case is under further investigation.