On Monday, a court in Changsha, Hunan province, sentenced Liu Bi'an to life imprisonment for his role as the mastermind behind a multi-billion-yuan Ponzi scheme.

Liu and 15 others were found guilty of fundraising fraud and illegally raising money from the public, according to a statement from the Changsha Intermediate People's Court.

In addition to the life sentence, the court stripped Liu of his political rights for life and confiscated all of his personal property. The other 15 defendants received fines along with prison terms ranging from five to 15 years.

The court found that starting in August 2014, Liu and the other defendants, despite lacking proper qualifications, raised more than 31.4 billion yuan ($4.6 billion) from the public under the names of Zhongzhan Huaxin Group and its affiliated companies. They used fabricated investment projects and misleading promotions, promising high returns with guaranteed principal and interest. Most of the funds raised were used to repay maturing principal and interest, cover employee salaries and commissions, or were squandered for personal use, resulting in economic losses of 6.1 billion yuan for investors.

Authorities have recovered some of the assets, including funds, real estate, vehicles, and company equity. According to the court release, asset recovery efforts are ongoing, and the seized assets will be returned to investors proportionally based on their contributions once the judgment takes effect.

The court stated that Liu and the other defendants, with the intent of unlawful appropriation, used deceptive means to raise funds on a massive scale, causing severe losses to investors and disrupting financial order, thereby warranting strict punishment.