Chinese peer to peer lending scheme massive ponzi
http://www.stuff.co.nz/world/asia/76...o-ponzi-scheme
Chinese police have arrested 21 people connected with an online finance company accused of fleecing US$7.6 billion (NZ$11.6 billion) from investors in one of the world's largest-ever Ponzi schemes.
The enormous size of the Ezubao scam, which stole from more than 900,000 investors nationwide, casts a shadow on China's lucrative but largely unregulated online and peer-to-peer lending industry, part of the country's shadow banking system which has seen a growing number cases of fraud come to light.
The perpetrators literally buried evidence of their wrongdoing. State media reports said police had to use heavy earthmoving equipment to recover thousands of account ledgers and documents buried six metres underground, on the outskirts of Hefei, in eastern Anhui province.
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Surprised they didn't throw the suspects in that large hole they just created.
