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February 2, 2016

Arrests made in $7.6B fraud in China

  • Ezubao was the most spectacular player in a booming online investment industry that Chinese authorities have been struggling to regulate.
    • By GERRY SHIH
    Associated Press

    BEIJING — Police arrested the maverick founder of China's largest online finance business on suspicion of fleecing 900,000 investors of $7.6 billion, in what could be the biggest financial fraud in Chinese history.

    State media outlets reported the arrest of Ding Ning and 20 of his employees late Sunday. State broadcaster CCTV aired purported confessions from two former employees at Ezubao, an Anhui Province outfit that rose from obscurity to become China's largest online financing platform in the span of about 18 months.


     
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