China’s Shenzhen People’s Procuratorate says it has filed a public prosecution against Sui Guangyi, Ma Xiaoqiu, and 28 others, alleging a multi-layered illegal fundraising scheme tied to Ding Yifeng Asset Management and affiliated entities—including the marketing of “DDO Digital Options” described by authorities and Chinese media as an “air coin” style token product.

Key points

• 30 defendants face allegations including fundraising fraud, illegal absorption of public deposits, and money laundering (plus additional alleged offenses).
• Prosecutors say the scheme operated via Shenzhen Ding Yifeng Asset Management, a Hong Kong Ding Yifeng holding entity, and related companies.
• Shenzhen’s anti-illegal-fundraising task force issued multiple risk warnings over time; police previously imposed criminal coercive measures on key figures in November 2024.
• The case sits at the intersection of shadow “wealth management” and token-style distribution narratives (airdrop/“digital options”)—a fraud pattern that travels well across borders.

Court & Docket (as disclosed)

• Forum: Shenzhen Intermediate People’s Court (case filed by prosecutors; docket number not public in the announcement)
• Prosecutor: Shenzhen People’s Procuratorate
• Defendants: Sui Guangyi, Ma Xiaoqiu, + 28 others (30 total)
• Alleged charges include: fundraising fraud; illegal absorption of public deposits; money laundering; and other alleged crimes listed in the notice.

Why this matters (FCO analysis)

This prosecution reads like a “classic” illegal fundraising playbook updated with token theater: opaque corporate networks, product misrepresentation, and investor acquisition through belief-based narratives—now amplified by “DDO Digital Options” marketing and “air token” framing. The compliance lesson is blunt: when “asset managers” sell public-facing products with outsized promises, non-transparent custody/flows, and token-linked incentives, AML teams should treat it as high-risk fundraising first—and “fintech innovation” second.

Call for Information

Are you an investor, former employee, payment/OTC intermediary, or service provider connected to Ding Yifeng/DDO distribution? Send documentation (product term sheets, chat scripts, transfer instructions, wallet addresses, bank payee details) via Whistle42.