A clerk counts Chinese yuan and U.S. dollar banknotes at a branch of Bank of China in Taiyuan, Shanxi province, China, January 4, 2016. REUTERS/Jon Woo
SHANGHAI: Chinese police have arrested 21 people involved in the operation of peer-to-peer (P2P) lender Ezubao, the official Xinhua news agency said, over an online scam it said took in some 50bil yuan (RM31.39bil) from about 900,000 investors.
Ezubao was a Ponzi scheme, the Xinhua report said, and more than 95% of the projects on the online financing platform were fake.
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