Leader of $9bn Chinese Ponzi scheme given life sentence
The man behind one of the biggest Ponzi schemes in modern China has been sentenced to life imprisonment, with his brother and 24 other accomplices also jailed. Ding Ning operated Anhui Yucheng Holdings Group and launched the fraudulent Ezubao scheme in 2014, which collapsed last year after collecting $9.14bn from more than 900,000 investors. The company fabricated projects to raise money, while Ding spent CNY1.5bn ($230m) of its proceeds on himself. The case has led to a regulatory crackdown on China's online financial services market, including peer-to-peer lending, where monthly volumes are now above $50bn.
A Beijing court on Tuesday sentenced the architect of the $9 billion Ezubao online financial scam to life imprisonment. (Representational Image) A Beijing court on Tuesday sentenced the architect of the $9 billion Ezubao online financial scam to life imprisonment. (Representational Image)

A Beijing court on Tuesday sentenced the architect of the $9 billion Ezubao online financial scam to life imprisonment, and handed down jail time to 26 others, marking the close to one of the biggest Ponzi schemes in modern Chinese history. The ruling comes at a time when the government is stepping up efforts to crack down on risky and illicit behaviour in the country’s financial sector, including the unruly peer-to-peer industry that continues to attract high volumes.

Beijing First Intermediate People’s Court sentenced Ding Ning – chairman of Anhui Yucheng Holdings Group that launched Ezubao in 2014 – to life in prison and fined him 100 million yuan ($15.29 million) for crimes including illegal fundraising, illegal gun possession and smuggling precious metals.

Ding Dian, the chairman’s brother, was also sentenced to life, while Zhang Min, Yucheng’s president, and 24 others were sentenced to imprisonment for 3 to 15 years, according to an article on the Beijing Courts social media account.