Online Lender Ezubao Took $7.6 Billion in Ponzi Scheme, China Says

February 1, 2016 1:20 PM

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Online Lender Ezubao Took $7.6 Billion in Ponzi Scheme, China Says

HONG KONG — A Chinese online finance company bilked investors for more than $7.6 billion, spent lavishly on gifts and salaries and buried the evidence, according to local authorities who described it as a massive Ponzi scheme.

The accusations throw a shadow over China’s online finance industry, a lucrative area that has nurtured global leaders but that the authorities say also has been the scene of a growing number of frauds and flameouts.

Also read: Counterfeiters, hackers cost US up to $600 billion a year

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