Tag Archives: Scheme

Chinese police bust $7.6B Ponzi scheme

Chinese police have arrested 21 people involved in the operation of peer-to-peer (P2P) lender Ezubao, the official Xinhua news agency said on Monday, over an online scam it said took in some 50 billion yuan ($7.6 billion) from about 900,000 investors.

Ezubao was a Ponzi scheme, the Xinhua report said, and more than 95 percent of the projects on the online financing platform were fake.

Among those arrested were Ding Ning, the chairman of Yucheng Group, which launched Ezubao in July 2014.

It was not possible to reach Ezubao officials for comment and it was not clear if Ding had legal representation.

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