Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn
Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn

Banquets, lies and protests: the collapse of Qbao, another popular Chinese Ponzi scheme

Qbao goes quickly from state-media darling to official outcast after its founder hands himself in to police, saying he can’t meet debt and investor payments

Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn
Qbao founder Zhang Xiaolei handed himself in to police in late December. Photo: News.cn
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