Chinese police swoop on HK$59 billion ‘record-breaking online Ponzi scheme’ | South China Morning Post: "Ezubao was launched in July 2014 and embarked on a massive advertising campaign to raise funds.
On the surface, it was a P2P website with various projects, offering investors annual returns ranging between 9 per cent and 14.6 per cent.
In reality, the website’s operators made up most of the projects listed on its website and used funds from new investors to pay old debts, Xinhua reported.
“Ezubao is a complete Ponzi scheme,” Zhang Min, the former president of Ezubao’s operating company and its public face, was quoted by Xinhua as saying from a police detention centre. Zhang reportedly said the company’s executives knew it was all a fake."
'via Blog this'
On the surface, it was a P2P website with various projects, offering investors annual returns ranging between 9 per cent and 14.6 per cent.
In reality, the website’s operators made up most of the projects listed on its website and used funds from new investors to pay old debts, Xinhua reported.
“Ezubao is a complete Ponzi scheme,” Zhang Min, the former president of Ezubao’s operating company and its public face, was quoted by Xinhua as saying from a police detention centre. Zhang reportedly said the company’s executives knew it was all a fake."
'via Blog this'
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