A couple from central China saw their business empire, valued at 100 million yuan (US$15 million), collapse and were plunged into debt after being wrongly accused of fraud.
Wang Fei and his wife, Liu Sumin, from Zhumadian in Henan province, began their journey as small-scale farmers before gradually establishing two pig farms. They later expanded into a medicinal herb cooperative and an agricultural technology company.
According to Hongxing News, their businesses were valued at over 60 million yuan, while their total assets exceeded 100 million yuan.
Wang was recognised as a “model worker” by the local government, while Liu earned accolades as a “skilled livestock farmer.”
In pursuit of expansion, they bought land for a new factory and sold six flats to finance the project.
However, in January 2023, before the facility was fully operational, local police detained them on suspicion of fraud.