ezubao: Other charges included illegal possession of weapons and undocumented border crossings, Xinhua said, according to Deutsche Welle. Watch video 01 51Fraught with fraud China anti-counterfeit illusion Booming P2P industry Ezubao, once China biggest P2P platform, allegedly collected 59.8 billion yuan from investors through fake investment projects it advertised on its website. The case features online peer-to-peer lender Ezubao and the illegal collection of some 60 billion yuan 8.64 billion, 8.27 billion euros . Ezubao parent companies Yucheng Holdings and Yucheng Global, along with 10 individuals, are charged with fraudulent fundraising, while 16 other people face charges of illegally taking public deposits. It eventually failed to repay 38 billion yuan. Chinese authorities have since unveiled a slew of new regulations aimed at strengthening the online finance industry. The platform collapsed in February, with executives saying the firm was a complete Ponzi scheme, which used investor funds to support lavish lifestyles for its managers.
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