The BBC reports that Chinese authorities have arrested 21
people involved in an online finance scheme which is suspected of
defrauding 900,000 investors of about $7.6bn.
Ezubao is believed to be China's largest such online financing business.
Ezubao promised investors that borrowers on its platform would pay back loans at interest rates between 9 percent and 14.6 percent. However, state media said investigations had found more than 95% of the investment offerings on the site were fake.
No comments:
Post a Comment