Pursuits
China's Biggest Ponzi Scheme Shows Rot in Internet Financing
- Regulator: 1,000 of China's 3,600 P2P sites are "problematic"
- Loans quadruple to $149 billion amid plans to clean up P2P
China's Crackdown on Peer-to-Peer Lending
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Almost overnight, Ding Ning and Zhang Min struck it rich with the hot new thing in Chinese finance. In 18 short months, they transformed an old-line industrial company into an Internet phenomenon through the seeming magic of peer-to-peer lending.
It was all a lie -- a vast Ponzi scheme that appears to have been orchestrated by the Bernie Madoffs of China.