Ma­jor P2P fraud case pros­e­cuted

China Daily (Hong Kong) - - CHINA -

Bei­jing Peo­ple’s Procu­ra­torate has be­gun crim­i­nal pro­ceed­ings against com­pa­nies and dozens of in­di­vid­u­als im­pli­cated in a ma­jor fraud case. Ezubao, an on­line peer-to-peer lend­ing plat­form, had cheated mem­bers of the pub­lic out of nearly 60 bil­lion yuan ($8.6 bil­lion) through fake in­vest­ment projects the com­pany ad­ver­tised on its web­site from June 2014 to De­cem­ber 2015. The com­pany de­faulted on loans worth nearly 38 bil­lion yuan, which led to the ini­tial in­ves­ti­ga­tion.

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