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Owner of China's Biggest Ponzi Scheme Sentenced to Life in Jail

  • Ezubo platform allegedly bilked investors of over $7.6 billion
  • Twenty-five other Ezubo executives get jail terms: judgment
Ding Ning

Ding Ning

Photographer: Imaginechina
Bloomberg News

A Beijing court has sentenced the owner of the firm behind China’s biggest online lending fraud to life in prison.

Ding Ning, the chairman of Yucheng Group, was also fined 100 million yuan ($15 million) for fundraising fraud, smuggling precious metals, and owning guns illegally, according to a judgment handed down by the Beijing First Intermediate People’s Court on Tuesday.