Billions recovered from high-profile P2P fraud case in China

Updated 2016-11-24 10:36:55 Xinhua

More than 10 billion yuan (1.45 billion U.S. dollars) in illicit assets has been recovered since police launched an investigation into a high-profile fraud case, according to Beijing public security bureau on Wednesday.

Ezubao, an online peer-to-peer lending platform, had been in operation for 18 months before it was shut down by police in December 2015. Police said almost all the investment projects on the company website were fake.

According to the police, Ding Ning, chairman of Ezubao's parent company Yucheng Global, and other suspects had faked financial lease products on Ezubao to trick over 900,000 investors out of more than 58 billion yuan since July 2014.

The company defaulted on loans worth nearly 37 billion yuan, sparking the official investigation, which revealed another Ponzi scheme that had cheated over 210,000 investors out of 1.2 billion yuan since February 2015.

Beijing police finished their investigation and transferred the case to the procuratorate for review and prosecution in August.

Of the 26 suspects, 11 will stand trial for fraud. Fifteen others have been charged with illegal fundraising.

Police departments in various provinces have seized nearly 300 million yuan in cash, 187,000 grams of gold, as well as real estate, jewelry, stock equities, luxury cars, and helicopters.

Police said they would continue to recover any assets and they would try to return investors' losses.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58March 22 2018 14:19:56

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16March 22 2018 14:19:56

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18March 22 2018 14:19:56

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords