China’s $8.6 billion P2P fraud trial starts: Xinhua

Criminal prosecution of 26 people involved in China's biggest alleged online fraud – a nearly 60 billion yuan ($8.64 billion) case involving online peer-to-peer lender Ezubao – has started in Beijing, the official Xinhua news agency reported on Friday. Ten individuals, along with Ezubao's parent companies Yucheng Holdings and Yucheng Global, are charged with fraudulent fund-raising, the news agency said. Other charges include smuggling precious metals, illegal possession of weapons and undocumented border crossings, Xinhua said.

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