Yucheng Group and Ding Ning

legal representation: Among those arrested were Ding Ning, the chairman of Yucheng Group, which launched Ezubao in July 2014, according to The Guardian. It was not possible to reach Ezubao officials for comment and it was not clear if Ding had legal representation. Related:So you think you’re safe doing internet banking Ezubao was a Ponzi scheme, the Xinhua report said, and more than 95% of the projects on the online financing platform were fake. Ezubao website has been shut down and it appeared Yucheng Group Beijing office had been closed when Reuters reporters visited before Monday Xinhua report. The Ezubao case has underscored the risks created by China fast-growing $2.6 trillion wealth management product industry. Chinese police said they had sealed, frozen and seized the assets of Ezubao and its linked companies as part of investigations into China largest P2P online platform by lending figures. (news.financializer.com). As reported in the news.