Tagged: ponzi scheme

Wealthroll Owner Xu Qin Confesses Ponzi Scheme: Online Lender Defrauded $6.1B. World Capital Market Caught in Pyramid Scheme

As Chinese authorities continue their hunt for unregulated online lending and investment firms, more fraudulent fintech platforms are bound to be nabbed for unseemly and illegal behavior.  Today Bloomberg News reported the latest Ponzi scheme that separated 39.9 billion yuan ($6.1 billion) from 25,000 investors. Crowdfund… Read More

Details on Ezubao P2P Platform Shutdown are Out: Ponzi Scheme with 95% of Projects Labeled Fake

As reported in December, the Chinese peer to peer lender Ezubao (Ezubo), launched by Yucheng in 2014,  was shuttered by authorities as employees were questioned and managers were arrested by police.  Now Xinhua and other news outlets are providing details that are shaking up the… Read More

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