Ezubao claims to be a peer-to-peer lender however a former executive claims it's one massive Ponzi scheme. Suspects apparently buried evidence (1,200 documents) nearly 20 feet underground taking police 20 hours with two excavators to unearth the evidence.
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Online Chinese Lender Ezubao Took $7.6 Billion in Ponzi Scheme
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Chinese officials say that the online company, Ezubao, once a dynamo of the industry, offered mostly fake investment products to its nearly one million investors, according to the state-run Xinhua news agency. The authorities arrested 21 people in Anhui, the eastern Chinese province where Ezubao is based, and closed some of the platform’s operations, the agency reported on Sunday.
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