Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks
Autowise.ai and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
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

Share this article
Open WeChat and scan the QR code