26 people have been sentenced to various terms of imprisonment for fraud totaling $7.6 billion in China

Almaty. September 12. Silkroadnews – 26 people have been sentenced to various terms of imprisonment for fraud totaling $7.6 billion in China, CNBC news portal reported.
“A Beijing court sentenced two men who directed a large Ponzi scheme to life imprisonment. Peer-to-peer lender Ezubao shut down last year after raising more than 50 billion Chinese yuan ($7.6 billion) from about 900,000 investors. By the time police made arrests, Ezubao had failed to repay 38 billion Chinese yuan ($5.8 billion),” the report said with reference to media sources.
The company’s founder was sentenced to life imprisonment.
“Among the 26 given sentences over the scam was Ding Ning, Ezubao’s founder and chairman of the platform's holdings company Anhui Yucheng, who was sentenced to life in prison for fraud and crimes including precious metals smuggling and illegally possessing firearms. He was also fined 100 million Chinese yuan ($15.3 million),” publication reads.
Ding Dian, the brother of the chairman, as reported, was also sentenced to life imprisonment and fined 70 million yuan ($10.7 million).
Twenty-four others people who participated in the fraud were sentenced for 3 to 15 years in prison.
The Ponzi scheme is a fraudulent investment operation that promises a high rate of return with minimum risk to investors.