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Multi-billion-dollar P2P fraud case handed to procuratorate

Xinhua, August 16, 2016 Adjust font size:

The suspects behind a high-profile fraud involving the online peer-to-peer lender Ezubao have been handed to a Beijing procuratorate for prosecution, authorities said Tuesday.

Of the 26 suspects, 11 are suspected of fraud, including Ding Ning, chairman of Ezubao's parent company Yucheng Global, the People's Procuratorate of Beijing Municipality said in a statement on its website. Fifteen others are suspected of illegal fundraising, while Yucheng Global is also suspected of fraud.

Beijing police finished their investigation and have transferred the case to the procuratorate for review and prosecution, authorities said. The first branch of the procuratorate accepted the case on Monday.

The police found substantial evidence that Ezubao cheated about 900,000 investors out of a total of more than 50 billion yuan (7.5 billion U.S. dollars).

The peer-to-peer platform had been in operation for 18 months and conducted transactions involving 70 billion yuan before it was shut down by police in December 2015. Most investment projects on the company website were fake, police said. Endi