| The criminal activities as regards the raising of funds by means of fraud severely disrupt the order of financial administration, endanger the state's as well as individual's interests and rights of property, and directly jeopardize the social stability. By combining the criminal theories with judicial practice, this thesis attempts to explore its historical evolution, legislative vagaries, constitutive characteristics, and judicial adjudicatio and punishment in the hope that the criminals involved in the crime can be punished and the state's order in finance and market economy safeguarded. The crime of raising funds by means of fraud is the by-product of the conflicts between the scarcity of capital and the need of development under the condition of market economy. To put it more specifically, market economy serves as the very soil on which raising funds by means of fraud breeds and the tension between the scarcity of capital and the need of development is the very condition for its emergence. The more acute the tension, the higher rate the crime. However, no specification with regard to such crime was made in the criminal law formulated in 1979 in China. Illegally raising funds by means of fraud was set up as a crime only in "Decisions on Punishing the Crimes of Disrupting Financial Order" adopted at the Fourteenth Session of the Eighth National People's Congress on June, 30th, 1995. The related provisions were revised and perfected in the Amended Criminal Law adopted at the Fifth Session of the Eighth National People's Congress on March 14th, 1997. It is maintained in this thesis that the crime of raising funds by means of fraud refers to that for the purpose of illegal possession, by means of covering up the truth and fabricating facts and without being ratified by the law, the actor absorbs the capital from the indefinite people and leads the investors to have wrong conceptions or to get involved in wrong conceptions, thereby automatically giving relatively large amount of fund to the actor or the third person designated by the actor. What is infringed upon in the crime is the double objects, the state financial administration system and the ownership of public and private property. The former is the primary object; the latter the secondary one. The ways and means to fraud, illegal raising funds and the relatively large amount of money constitute the core objective factors of the crime. The ways and means thereof refer to the actor's act of falsifying information, covering up truth and deceiving the investors to "voluntarily" give the raised fund to the actor. By illegally raising fund, it is meant the act of raising fund from the public, including raising fund in the form of equity and credit, without being ratified by the competent departments or agencies. If the amount of fund raised involved in the crime is relatively large, then the sentence will be made and the penalty meted out. The subject involved in the crime is the general subject who has reached the age of 16 and shall bear criminal responsibility, and any company, enterprise, institution, or organization involved. The subjective factors involved in the crime can only be the direct intention and shall be based on the purpose of illegal possession of the fund raised. The crime of raising fund by means of fraud is kind of il reato complesso not typical in law. The relationship between the crime of fraud and the crime of raising fund by means of fraud is that of cumul infraction between the general and the special laws, and shall be subject to the governing principle "the special law takes precedence over the general law". The crime of raising fund by mean of fraud differs from the crime of speculation and that of illegally absorbing the deposits of the public, mainly in that the former is for the purpose of the illegal possession while the latter is for the purpose of making profits. In addition, this thesis also makes a qualitative analysis of "Mutual Aid Group" in China, a specific form of raising fu...
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