In this image taken from an undated video footage run by China’s CCTV, Qbao’s founder Zhang Xiaolei speaks with police while in custody in Nanjing in eastern China’s Jiangsu province. Photo: CCTV via AP Video

Zhang Xiaolei, founder of Chinese fintech firm Qbao, to serve 15-year jail firm for fraudulent fundraising

  • Zhang Xiaolei founded the online fundraising platform Qbao in 2012
  • Court confiscates 100 million yuan worth of Zhang’s assets for his role in the illegal fundraising scheme
Topic |   China's ponzi scheme

TOP PICKS

In this image taken from an undated video footage run by China’s CCTV, Qbao’s founder Zhang Xiaolei speaks with police while in custody in Nanjing in eastern China’s Jiangsu province. Photo: CCTV via AP Video
READ FULL ARTICLE