Source:
https://scmp.com/news/china/economy/article/2143299/eight-charged-china-over-ponzi-scheme-posing-p2p-lender-took-us9
China

Eight charged in China over ‘Ponzi scheme posing as P2P lender’ that took US$9 billion

Shanghai police say Shanlin Finance’s activities echoed those in the Ezubao and other cases, and call on victims to come forward

Internet finance has been one of the targets of Beijing’s derisking crackdown. Photo: Shutterstock

Chinese authorities say they have exposed a Ponzi scheme that lured 60 billion yuan from retail investors, in what would be the latest success for the country’s risk prevention campaign.

Eight ringleaders of the Shanghai-based Shanlin Finance have been charged with illegally obtaining deposits and taken into custody, according to local public prosecutor the Shanghai Pudong district People’s Procuratorate, the official Xinhua News Agency reported on Tuesday.