Ponzi Record

China ยท Mainly 2014 to 2015, according to AFP

Ezubao (Yucheng Group online lending platform)

AFP reported that the company allegedly fabricated most of the projects listed on its online lending website and used money from new investors to pay off old debts.2

Losses as statedCNBC, citing Xinhua and Reuters, reported that Ezubao raised more than 50 billion yuan ($7.6 billion) and had failed to repay 38 billion yuan by the time of the arrests.1
Victims as statedAbout 900,000 investors, according to CNBC and AFP.
Recovered for investorsNot confirmed in the sources reviewed. AFP reported a fine of 1.9 billion yuan against Yucheng.2

People and outcomes

Ding Ning

Sentenced by a Beijing court to life in prison on charges including fraud, smuggling of precious metals and illegal possession of firearms, and fined 100 million yuan, as reported on 12 September 2017 by CNBC citing Xinhua and by AFP citing state media.1,2

Response: No public response is recorded in the sources reviewed.2
Ding Dian

Sentenced by a Beijing court to life in prison and fined 70 million yuan, as reported on 12 September 2017 by CNBC citing Xinhua and by AFP citing state media.1,2

Response: No public response is recorded in the sources reviewed.2

Timeline

  1. Beijing court sentences 26 people, including life terms for Ding Ning and Ding Dian. The other 24 received 3 to 15 years.1,2

Sources

  1. CNBC (citing Xinhua and Reuters), Ezubao: Two in China get life in prison for $7.6 billion Ponzi scheme (12 September 2017)
  2. Hong Kong Free Press (AFP), China jails 26 over US$7.6bn Ezubao Ponzi scheme (12 September 2017)