South China Morning Post

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China's ponzi scheme
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Money Matters | Three theories to explain Hong Kong’s penny stock crash

Shirley Yam
Shirley Yam

Weibo shuts down 52 user accounts in campaign against financial misinformation

Chinese microblogging service Weibo has removed the first batch of user accounts under a campaign to rid financial misinformation on its platform. Photo: Reuters
  • The microblogging giant said it removed the user accounts under the Cyberspace Administration of China’s latest guidelines
  • Weibo said the results of its rectification efforts will be posted every week
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Fintech founder gets 15-year jail term for role in Ponzi scheme

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

Nanjing court hands down the prison sentence to Zhang Xiaolei for his role in the illegal fundraising scheme; confiscates 100 million yuan worth of assets.

Eight Chinese ringleaders charged over US$9 billion Ponzi scheme

Internet finance has been one of the targets of Beijing’s derisking crackdown. Photo: Shutterstock
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Eleven investors held after Chinese Ponzi scheme protests

A still from state television shows the founder of the Ponzi scheme, Zhang Xiaolei, behind bars. Photo: Associated Press

The collapse of Qbao, another popular Chinese Ponzi scheme

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

Chinese men jailed for life after their US$2.4 billion pyramid scheme conned 200,000 people

Twenty-six executives of a Chinese online peer-to-peer (P2P) lender are handed jail terms ranging from three years to life imprisonment for cheating the public out of large amount of money in Beijing. Two Chinese were sentenced to life by another court for a pyramid scheme. Photo: Xinhua

Police find US$30 million in flat in pyramid scheme crackdown

Pictures of the stash of money went viral on social media. Photo: Thepaper.cn

Pyramid schemes: a dark corner of China’s economy

Underground get-rich-quick scams that prey on wide swathe of population pose a risk too big for Beijing to ignore

Beijing must stamp out Ponzi schemes

As fraudster Ding Ning is jailed for life after accumulating 50 billion yuan from investor, China shows it must not risk instability to society. Photo: Xinhua

The deaths that sparked China’s crackdown on pyramid schemes

A file picture from June this year of suspects detained after a pyramid scheme was broken up in Beihai in the Guangxi region. Photo: AFP

China’s ‘Bernie Madoff’ jailed for life for huge fundraising fraud

Ding Ning was convicted of fraudulent fundraising, among other crimes. Photo: SCMP Pictures

Chinese police arrest 230 following probe into ‘pyramid scheme’

Police keep a close eye on a crowd of people protesting against an investigation into an alleged pyramid scheme on July 24. Photo: Kyodo

Sixty-seven held after big pyramid scheme protest in Beijing

Demonstrators taking part in the protest on Monday. Photo: Kyodo

Why Ponzi schemes are thriving in China

People trying to join a protest against a fraudulent investment scheme in Beijing on Monday lie on the ground after being blocked by police. Photo: Kyodo

Police raid Shanghai ‘Ponzi scheme’ suspected of raising ¥30b

Investors gather at the office of Shanghai investment firm Zhongjin Capital Management in Shanghai yesterday. Photo: Reuters