Executives among Those Held over 50 Bln Yuan Scam, Xinhua Says

(Beijing) – Top executives at an online lending platform that ran a large Ponzi scheme that bilked hundreds of thousands of small investors out of more than 50 billion yuan were among a group of people employed by the company who have been detained, the official Xinhua News Agency reported on January 31.

Police detained 21 people involved in running Ezubo, a peer-to-peer lending website that claimed to let individuals lend money to businesses, on January 14, Xinhua reported. Among those arrested was Ding Ning, chairman of Yucheng International Holdings Group Ltd., a financial company based in the capital that runs the website.