Almost one million investors lose £5.3bn in massive China Ponzi scam
Authorities in China have arrested 21 people on suspicion of defrauding almost one million Chinese investors of 50bn yuan (£5.3 billion) after an online peer-to-peer lender turned out to be a giant Ponzi scheme, state media has alleged.
Police used two mechanical diggers for 20 hours to retrieve 1,200 account books that were buried six feet underground as part of the investigation into one of the biggest financial frauds in the country’s history, Xinhua state news agency said.
A total of 21 people were arrested at Ezubao, the company at the centre of the scam, which rose to become China's largest online financing platform in just 18 months.
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