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Government Asks Victims of P2P Fraud Case to Register for Compensation

By Zhao Runhua  / Jun 26, 2019 06:56 PM / Finance

Photo: VCG

Photo: VCG

The Chinese government has put out a call for investors caught up in one of the country’s largest-ever online financing fraud cases to come forward and register to receive compensation.

Ezubo, also known as Ezubao, was once China’s largest peer-to-peer lending platform. It allegedly cheated around 900,000 investors across the country out of more than 50 billion yuan ($7.3 billion) within two years. Key Ezubo employees were sentenced to prison in 2017 for various crimes including fundraising fraud, smuggling precious metals, and illegally owning guns.

An intermediate court in Beijing overseeing the Ezubo case said on Wednesday that victims could detail their cases to authorities at local registration sites between July 2 and Aug. 30.

The information they provide — including their personal details and the amount they lost in the scheme — will be used as a reference for the return of investors’ losses, the court said. It is not clear whether all the money seized by Ezubo has been traced, or how much will be returned.

Related: Investors in Peer-to-Peer Platforms Get More Protection

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