China pros­e­cutes 26 over US$7.6 bil­lion Ponzi scheme

The Myanmar Times - - World -

CHINA will pros­e­cute 26 peo­ple linked to a peer-to-peer lender for fraud and il­le­gal fundrais­ing, state me­dia said, in a case la­belled a Ponzi scheme for al­legedly bilk­ing in­vestors of US$7.6 bil­lion.

Po­lice have handed over the case in­volv­ing P2P lender Ezubao to pros­e­cu­tors, the of­fi­cial Xin­hua news agency said on Au­gust 16.

Au­thor­i­ties charged 11 peo­ple, in­clud­ing top ex­ec­u­tives of Ezubao’s par­ent com­pany Yucheng, chair Ding Ning and pres­i­dent Zhang Min, of fraud while an­other 15 are ac­cused of il­le­gally ob­tain­ing in­vestors’ sav­ings, the Bei­jing Peo­ple’s Procu­ra­torate said on its web­site.

In a tele­vised con­fes­sion shown in Fe­bru­ary af­ter sus­pects were ar­rested, Mr Zhang said Ezubao was “a typical Ponzi scheme”. Rights groups con­demn such prac­tices as prej­u­dic­ing a fair trial. –

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