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class="vector-toc-numb">2</span> <span>Ponzi scheme</span> </div> </a> <ul id="toc-Ponzi_scheme-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Economic_overview" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Economic_overview"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Economic overview</span> </div> </a> <ul id="toc-Economic_overview-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Utilization_of_capital_by_beneficiaries" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Utilization_of_capital_by_beneficiaries"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Utilization of capital by beneficiaries</span> </div> </a> <ul id="toc-Utilization_of_capital_by_beneficiaries-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Downfall" class="vector-toc-list-item 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id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Chinese peer-to-peer lending scheme</div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Ezubao.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/a/a6/Ezubao.gif" decoding="async" width="216" height="48" class="mw-file-element" data-file-width="216" data-file-height="48" /></a><figcaption></figcaption></figure> <p><b>Ezubao</b> (<a href="/wiki/Simplified_Chinese_characters" title="Simplified Chinese characters">Chinese</a>: <span lang="zh-Hans">e租宝</span>) was a <a href="/wiki/Peer-to-peer_lending" title="Peer-to-peer lending">peer-to-peer lending</a> scheme based in the eastern Chinese province of <a href="/wiki/Anhui" title="Anhui">Anhui</a>. It was set up as an online scheme in July 2014, attracted funds of about 50 billion yuan ($7.6 billion) from 900,000 investors, and ceased to trade in December 2015. On 1 February 2016, the scheme was closed down and 21 involved people were arrested. Zhang Min, the president of the parent company, Yucheng Global, told investigators that the company operated as a <a href="/wiki/Ponzi_scheme" title="Ponzi scheme">Ponzi scheme</a>. Following its establishment, Ezubao grew rapidly, masquerading as a legitimate investment opportunity while operating under the guise of peer-to-peer lending. Revelations about the fraudulent nature of Ezubao’s operations emerged after an exposé in late 2015, leading to public outcry and intensified scrutiny by regulatory authorities.<sup id="cite_ref-NYT_1-0" class="reference"><a href="#cite_note-NYT-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The scale of Ezubao’s Ponzi scheme, which orchestrated a sophisticated ruse involving fake projects and returns, was unprecedented in China, contributing to an estimated loss of billions of yuan for investors. The scandal not only devastated the finances of nearly a million individuals but also prompted a nationwide tightening of regulations on the <a href="/wiki/Peer-to-peer_lending" title="Peer-to-peer lending">peer-to-peer lending</a> industry, aiming to close loopholes and restore investor confidence.<sup id="cite_ref-Custer,_C_2-0" class="reference"><a href="#cite_note-Custer,_C-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background">Background</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=1" title="Edit section: Background"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Ezubao, initiated in July 2014 in <a href="/wiki/Anhui" title="Anhui">Anhui</a> Province, was designed to be a digital facilitator in the <a href="/wiki/Peer-to-peer_lending" title="Peer-to-peer lending">peer-to-peer lending</a> sector. It distinguished itself by enabling individuals to <a href="/wiki/Direct_lending" title="Direct lending">directly lend</a> to and borrow from one another via an online platform.<sup id="cite_ref-NYT_1-1" class="reference"><a href="#cite_note-NYT-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The allure of Ezubao was rooted in its proposition of <a href="/wiki/High-yield_investment_program" title="High-yield investment program">high-yield returns</a>, far outstripping traditional banking interest rates, which captured the attention of a vast number of investors.<sup id="cite_ref-NYT_1-2" class="reference"><a href="#cite_note-NYT-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The company's operational strategy was predicated on an accessible investment model, with minimal entry thresholds, enticing a wide demographic of investors.<sup id="cite_ref-Custer,_C_2-1" class="reference"><a href="#cite_note-Custer,_C-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> This accessibility, coupled with high promised returns, was pivotal in its rapid customer base expansion. Ezubao’s growth trajectory was heavily bolstered by its sophisticated marketing campaigns. The company's sponsorship of significant national events and strategic advertisement placements lent it an aura of credibility and reliability. </p><p>A key aspect of Ezubao's expansion strategy was targeting financially underserved populations.<sup id="cite_ref-LATimes_3-0" class="reference"><a href="#cite_note-LATimes-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The company smartly positioned itself as an alternative financial solution for individuals and small enterprises who found themselves excluded from conventional banking services. This approach resonated particularly in rural areas, where traditional <a href="/wiki/Credit" title="Credit">credit access</a> was limited, and Ezubao's offerings appeared as a potentially lucrative opportunity. </p><p>Ezubao adeptly cultivated an image of legitimacy and state endorsement. This perception was reinforced by its visible presence at notable national events and the strategic placement of its advertisements in high-profile media outlets.<sup id="cite_ref-LATimes_3-1" class="reference"><a href="#cite_note-LATimes-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Such tactics successfully misled many into believing in the scheme’s authenticity and government approval. Notwithstanding its initial success, signs of operational irregularities and potential unsustainability began to surface. Reports of payment delays and challenges in fund withdrawals started emerging, raising red flags about the viability of Ezubao's business model. </p> <div class="mw-heading mw-heading2"><h2 id="Ponzi_scheme">Ponzi scheme</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=2" title="Edit section: Ponzi scheme"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Individuals who wanted to take part in the scheme invested their money in the expectation that the money would be lent to borrowers and repaid, with interest, over time. Investors would be matched with borrowers over the Internet.<sup id="cite_ref-NYT_1-3" class="reference"><a href="#cite_note-NYT-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The scheme promised to pay investors around seven times the interest rates that could be obtained by depositing the money with a bank in the normal way,<sup id="cite_ref-Custer,_C_2-2" class="reference"><a href="#cite_note-Custer,_C-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> with interest rates of between 9% and 14.6% being promised.<sup id="cite_ref-LATimes_3-2" class="reference"><a href="#cite_note-LATimes-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Additionally, the investment threshold was remarkably low, requiring only a minimum of 1 RMB to invest in any of its six financial products. Ezubao offered short holding periods of 3, 6, or 12 months, with a notably swift withdrawal process, allowing investors to access their funds within just 2 to 10 days after submitting a withdrawal notice.<sup id="cite_ref-Y_4-0" class="reference"><a href="#cite_note-Y-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>The company sponsored the online broadcasts of the <a href="/wiki/National_People%27s_Congress" title="National People's Congress">National People's Congress</a> and placed advertisements on the state-run <a href="/wiki/China_Central_Television" title="China Central Television">China Central Television</a>, both of which gave people confidence in the scheme. Over a thousand sales agencies were established across the country to promote the scheme to the general public,<sup id="cite_ref-Telegraph_5-0" class="reference"><a href="#cite_note-Telegraph-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> and tens of thousands of customers were joining each week.<sup id="cite_ref-LATimes_3-3" class="reference"><a href="#cite_note-LATimes-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Many of its customers were small investors from rural areas.<sup id="cite_ref-WSWS_6-0" class="reference"><a href="#cite_note-WSWS-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Ezubao capitalized on the financial vulnerability of these small investors. In a financial landscape where individuals, households, and SMEs often find themselves sidelined due to a lack of connections for credit access, Ezubao's <a href="/wiki/Peer-to-peer_lending" title="Peer-to-peer lending">peer-to-peer lending</a> platform emerged as an appealing solution. These groups, traditionally underrepresented in <a href="/wiki/Credit" title="Credit">bank credit</a> allocations and receiving less than a third of all credits despite their substantial role in the economy, saw Ezubao as a viable option to address their capital needs.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Several factors encouraged people to think the scheme was "approved" by the authorities: the prominent positioning of its ads just before the main evening CCTV news bulletin, its participation in the 12th China-Association of Southeast Asian Nations Expo, its announcement of the formation of a <a href="/wiki/Militia" title="Militia">militia</a> at an event attended by senior officials of the <a href="/wiki/People%27s_Liberation_Army" title="People's Liberation Army">People's Liberation Army</a>, and it's doing business nationwide across China and in neighboring Burma.<sup id="cite_ref-Rauhala_8-0" class="reference"><a href="#cite_note-Rauhala-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Economic_overview">Economic overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=3" title="Edit section: Economic overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the early to mid-2010s, <a href="/wiki/China%27s_economy" class="mw-redirect" title="China's economy">China's economy</a> was characterized by robust growth and a surge in investment, particularly in emerging financial sectors such as peer-to-peer (<a href="/wiki/Peer-to-peer_lending" title="Peer-to-peer lending">P2P</a>) lending. This period saw a rapid expansion of the P2P market, driven by the lack of stringent regulations and the banking sector's focus on larger enterprises, leaving a gap in the market for small and <a href="/wiki/Medium-sized_business" class="mw-redirect" title="Medium-sized business">medium-sized businesses</a> and individual borrowers. The traditional banks' preference for financing large-scale projects created an opportunity for P2P platforms to cater to underserved groups, particularly middle and lower-income individuals and small businesses. This growth, however, was accompanied by regulatory challenges, as the swift expansion of the P2P industry outpaced the development of a comprehensive regulatory framework, leading to increased risks associated with these new financial models.<sup id="cite_ref-Reuters_9-0" class="reference"><a href="#cite_note-Reuters-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Ezubao emerged as a key player in this rapidly evolving landscape, offering an attractive proposition with high <a href="/wiki/Annual_percentage_yield" title="Annual percentage yield">annual percentage yields (APYs)</a> of 9-15% and various holding periods, significantly higher than those offered by conventional banks. The platform's approach included extensive advertising campaigns and the portrayal of government affiliations, which enhanced its appeal and perceived legitimacy. These tactics were successful in attracting a large number of investors, capitalizing on the broader economic environment and the public's growing interest in innovative financial products. However, the lack of strict oversight and the platform's aggressive growth strategy ultimately exposed investors to significant risks, exemplifying the challenges and potential pitfalls of the burgeoning P2P lending sector during this period.<sup id="cite_ref-Reuters_9-1" class="reference"><a href="#cite_note-Reuters-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Utilization_of_capital_by_beneficiaries">Utilization of capital by beneficiaries</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=4" title="Edit section: Utilization of capital by beneficiaries"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>To understand Ding Ning's later extravagant spending, it's important to consider his humble beginnings. Raised in <a href="/wiki/Bengbu" title="Bengbu">Bengbu City, Anhui</a>, a largely unknown city with over a million residents, Ding Ning was perceived as unremarkable, both intellectually and emotionally, by those around him. His lack of interest in traditional <a href="/wiki/Manufacturing" title="Manufacturing">industrial businesses</a> which his parents started, foreshadowed his future financial decisions. </p><p>Ding Ning's lavish lifestyle included spending $150 million on luxury items, gifts, and properties. He gifted Zhang Min, Yucheng's president, a $20 million Singapore villa, a $1.8 million pink diamond ring, luxury limousines, watches, and over $83 million in cash.<sup id="cite_ref-Y_4-1" class="reference"><a href="#cite_note-Y-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Additionally, he spent an estimated 1.5 billion yuan of Ezubao funds on personal expenses, including mandating his staff to wear only luxury brands and instructing Zhang Min to aggressively purchase from high-end stores like <a href="/wiki/Louis_Vuitton" title="Louis Vuitton">Louis Vuitton</a> and <a href="/wiki/Herm%C3%A8s" title="Hermès">Hermès</a> across China and overseas. </p><p>Ezubao was infamous for its excessive financial practices, including paying overqualified salaries of more than $100 million yearly. A notable example was Ding Dian, the younger brother of the founder, who, despite being new to the firm, earned a monthly salary of $146,000, significantly higher than his previous $2,600.<sup id="cite_ref-Y_4-2" class="reference"><a href="#cite_note-Y-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> This trend of hefty paychecks, often to inexperienced executives, was a hallmark of the company's management strategy. Additionally, Ezubao's extravagant spending extended to marketing, with monthly expenses of $3.6 million for CCTV ads, and leasing a luxurious 10,000 square meter <a href="/wiki/Beijing" title="Beijing">Beijing</a> office at an estimated $52 million per year. </p><p>In <a href="/wiki/Myanmar" title="Myanmar">Myanmar</a>, Ding Ning and Yucheng Group reportedly transferred $1.5 billion to territories controlled by the <a href="/wiki/United_Wa_State_Army" title="United Wa State Army">United Wa State Army</a> near the Chinese border. The group had plans for a significant investment of $6.1 billion to develop a free trade zone in <a href="/wiki/Pang_Hseng" title="Pang Hseng">Panghsang</a>, the UWSA headquarters, and to operate a <a href="/wiki/Commercial_bank" title="Commercial bank">commercial bank</a> in the area.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Downfall">Downfall</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=5" title="Edit section: Downfall"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Ezubao unexpectedly stopped trading in December 2015. Worried customers started complaining and the police started investigating.<sup id="cite_ref-LATimes_3-4" class="reference"><a href="#cite_note-LATimes-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The official <a href="/wiki/Xinhua_News_Agency" title="Xinhua News Agency">Xinhua News Agency</a> reported on 1 February 2016 that 21 people involved in the scheme had been arrested, including Ding Ning, chairman of the Yucheng Group. Chinese police reported that they were investigating the peer-to-peer lending company and had frozen and seized its assets, and those of the companies linked to it.<sup id="cite_ref-Reuters_9-2" class="reference"><a href="#cite_note-Reuters-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The president of the parent company, Zhang Min, had told them that the company operated as a <a href="/wiki/Ponzi_scheme" title="Ponzi scheme">Ponzi scheme</a>, with money from new investors used to pay money due to earlier investors; it is reported that about 50 billion yuan ($7.6 billion) had been invested in the scheme by about 900,000 investors.<sup id="cite_ref-Reuters_9-3" class="reference"><a href="#cite_note-Reuters-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The authorities announced in early February that Ezubao clients could register their grievances on the website of the <a href="/wiki/Ministry_of_Public_Security_(China)" title="Ministry of Public Security (China)">Ministry of Public Security</a>.<sup id="cite_ref-WSWS_6-1" class="reference"><a href="#cite_note-WSWS-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>Xinhua reported that Ezubao had been under scrutiny since December 2015. An investigation into the company by local authorities had found that about 95% of the investments made were fake and that the purpose of the lending platform was to enrich senior executives. The perpetrators had concealed 1,200 documents in 80 bags, and had buried these 6 m (20 ft) underground on the edge of the provincial capital, <a href="/wiki/Hefei" title="Hefei">Hefei</a>. The police had managed to unearth the documents after twenty hours of work with two excavators.<sup id="cite_ref-NYT_1-4" class="reference"><a href="#cite_note-NYT-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="News_coverage">News coverage</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=6" title="Edit section: News coverage"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>After a further investigation was done to reveal the truth behind the Ponzi scheme antics, Ding Ning and other executives were arrested and were seen cooperating with investigators as they would admit the company structure of Ezubao and explain it as a "typical Ponzi scheme".<sup id="cite_ref-The_New_York_Times-2016_11-0" class="reference"><a href="#cite_note-The_New_York_Times-2016-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Ding Ning perhaps under duress would confess all the wrongdoings of the company including the luxury purchases that were made with the investor's money as well as where some of the evidence was hidden. Some of the notable purchases were a mansion in Singapore that he gifted his wife as well as all the luxury groups that he gifted the executives with the goal in mind that if they wore more expensive clothes they would give off more of a reliable aura. In a state-broadcast news report by CCTV, excavators dug up evidence from the online financial company that was suitcases full of cash that was from their money laundering practices.<sup id="cite_ref-The_New_York_Times-2016_11-1" class="reference"><a href="#cite_note-The_New_York_Times-2016-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> According to the <a href="/wiki/Xinhua_News_Agency" title="Xinhua News Agency">Xinhua report</a>, individuals involved in the scheme concealed approximately 1,200 documents and related evidence in 80 bags, burying them at a depth of six meters, or almost 20 feet, in an area on the outskirts of Hefei, the capital of Anhui Province. Unearthing the evidence proved challenging, requiring 20 hours and two excavators, with the police characterizing the case as "extremely difficult." </p><p>A victim of the Ezubao scandal explained her personal experiences with the company and expressed her rationality in trusting and investing in the investment company that she believed had her interests as their priority. Her first experience with Ezubao was when she saw the advertisement on state-run <a href="/wiki/CCTV_China" class="mw-redirect" title="CCTV China">CCTV</a> at a prime time which gave her the impression that this company must be a large conglomerate that was approved by the government.<sup id="cite_ref-LATimes_3-5" class="reference"><a href="#cite_note-LATimes-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> With the advertised return rates from 9% to 14.6% the victim was quick to invest into the competitive company. Although most of the money that she invested came from her husband's parents, it was still a hefty amount equivalent to around USD 31,000. In December 2015, Ezubao abruptly shut down all doors and communication sources and tried to escape from the media. However, they were unsuccessful as the CEO was arrested and eventually confessed about how the entire operation was just a simple Ponzi scheme. After investors were alerted that this investment firm was just a disguised Ponzi scheme, they were furious and lined up outside the State Bureau for Petitions in late December with hopes of recovering their lost money.<sup id="cite_ref-LATimes_3-6" class="reference"><a href="#cite_note-LATimes-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Protestors were detained by police officers to discourage demonstrations and there were censors applied online to try to ease the distress of the public. Chinese officials promised that clients could register their grievances on the <a href="/wiki/Ministry_of_Public_Security_(China)" title="Ministry of Public Security (China)">Ministry of Public Security's</a> website and have their cases dealt with on a personal level.<sup id="cite_ref-LATimes_3-7" class="reference"><a href="#cite_note-LATimes-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Regulatory_response">Regulatory response</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=7" title="Edit section: Regulatory response"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Following the closure of Ezubao and street protests, Chinese authorities recognized the imperative to promote financial stability, safeguard investor interests, and uphold market integrity. This realization prompted the implementation of stricter regulations in the fintech sector. Notably, the regulatory framework for P2P lending had been established by Chinese financial authorities as early as 2011, albeit with lax enforcement. Especially because of  incidents like Ezubao, the regulatory measures now encompass directives "prohibiting P2P lending platforms from accepting investor deposits, ensuring borrowers' loans, securitizing assets, or participating in Ponzi schemes."<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Timeline">Timeline</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=8" title="Edit section: Timeline"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ol><li> <i>Notice of the General Office of China Banking Regulatory Commission on Warning of Risks Associated with Peer-to-Peer Lending</i>. 2011</li> <li><i>The Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security on Several Issues concerning the Application of Law in the Handling of Illegal Fund-raising Criminal Cases</i> 2014</li> <li><i>Guiding Opinions on Enhancing Positive Development of Internet Finance</i> (here- after <i>Guiding Opinions</i>) July 2015</li> <li><i>Interim Measures for the Administration of the Business Activities of Online Lending Information Intermediary Institutions</i> Aug 2016</li></ol> <p>Chronologically, the <a href="/wiki/China_Banking_Regulatory_Commission" title="China Banking Regulatory Commission">China Banking Regulatory Commission</a> (CBRC) issued the draft of the P2P lending regulation in December 2015, with the official announcement following in August 2016. Industry associations self-regulated the P2P lending sector, and there was the possibility of regulation by <a href="/wiki/Credit_rating_agency" title="Credit rating agency">credit rating agencies</a> (CRAs) specializing in P2P lending. “For example, the National Internet Finance Association (NIFA) was established to ensure transparency and the disclosure duty of the Internet finance industry, including P2P lending.” <sup id="cite_ref-Hung-Yi-2017_13-0" class="reference"><a href="#cite_note-Hung-Yi-2017-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>By doing so, these enforcements made an effort to enhance market transparency and had an overall quasi-regulatory impact on all platforms. “In 2014, the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security in China issued joint opinions, <i>the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security on Several Issues concerning the Application of Law in the Handling of Illegal Fund-raising Criminal Cases.</i> These three authorities identified several risk factors associated with P2P platforms and set four rules to ensure that a P2P lending platform is (1) an intermediary agency, (2) not providing guaranteed service, (3) not keeping any funding pool, and (4) not engaging in a Ponzi scheme. The business scope of P2P lending was, however, gradually expanded, rather than merely being controlled by the Chinese authorities.” <sup id="cite_ref-Hung-Yi-2017_13-1" class="reference"><a href="#cite_note-Hung-Yi-2017-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>Subsequently, the Chinese central government introduced another set of regulatory measures known as the Guiding Opinions on Enhancing Positive Development of Internet Finance (hereafter Guiding Opinions) in July 2015. Six months later, a public consultation on interim measures for P2P lending was initiated in December 2015. </p><p>The Interim Measures for the Administration of the Business Activities of Online Lending Information Intermediary Institutions (hereafter Interim Measures) were officially announced on August 24, 2016, consisting of eight chapters with 47 articles.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Future_of_P2P_lending_in_china">Future of P2P lending in china</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=9" title="Edit section: Future of P2P lending in china"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2016, the P2P lending industry underwent the implementation of rigorous governance measures. Subsequently, numerous significant policies focusing on information disclosure were enforced. The macroeconomy experienced a downturn, and the process of financial deleveraging persisted. Within this timeframe, there was a notable rise in credit risk, accompanied by an increase in the overdue rate. Thus, many P2P lending platforms "went out of business: 1,071 in 2018 and a further 344 in 2019."<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>As of March 31, 2020, there were “139 online lending institutions that were continuing their operations nationwide, which represents a decrease of 86% compared to the beginning of 2019. “The loan balance fell by 75%, the number of lenders fell by 80% and the number of borrowers fell by 62%. Moreover, the number of institutions, the scale of loans, as well as the number of participants have declined continuously in the past 21 months. Since the regulation and rectification of the “cash loan” business have begun, a total of nearly 5,000 institutions have withdrawn from the industry."<sup id="cite_ref-Hsu-2021_16-0" class="reference"><a href="#cite_note-Hsu-2021-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>The regulatory authorities are actively addressing risks associated with internet asset management, virtual currency speculation, and illegal foreign exchange transactions. In 12 provinces and cities, namely Shandong, Hunan, Sichuan, Chongqing, Henan, Hebei, Yunnan, Gansu, Shanxi, Jilin, Inner Mongolia, and Shanxi, P2P firms have been officially prohibited.<sup id="cite_ref-Hsu-2021_16-1" class="reference"><a href="#cite_note-Hsu-2021-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> This indicates a halt in potential growth avenues for the P2P industry in these regions. As a result, P2P lending entities within these areas are obligated to undergo a shift towards becoming small lending companies or opt for a complete exit from the industry. While the prospects for the P2P sector may not be optimistic in China, online lending at large is increasingly garnering attention and is influenced by distinct trends. </p> <div class="mw-heading mw-heading2"><h2 id="Analytical_commentary">Analytical commentary</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=10" title="Edit section: Analytical commentary"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Victor_Shih" title="Victor Shih">Victor Shih</a>, political scientist at the <a href="/wiki/University_of_California,_San_Diego" title="University of California, San Diego">University of California, San Diego</a>, commented: "The awkward truth is that Chinese regulators either knew about the scam and did nothing, or they completely missed the massive fraud". He added "Did provincial regulators know? They had to know".<sup id="cite_ref-Rauhala_8-1" class="reference"><a href="#cite_note-Rauhala-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Ezubao&action=edit&section=11" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-NYT-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-NYT_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-NYT_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-NYT_1-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-NYT_1-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-NYT_1-4"><sup><i><b>e</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFGough,_Neil2016" class="citation news cs1">Gough, Neil (1 February 2016). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2016/02/02/business/dealbook/ezubao-china-fraud.html?_r=1">"Online Lender Ezubao Took $7.6 Billion in Ponzi Scheme, China Says"</a>. <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">2023-12-03</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=China+cracks+down+on+online+financing+in+bid+to+protect+investors&rft.date=2015-12-28&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2FidUSKBN0UB1BJ%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEzubao" class="Z3988"></span></span> </li> <li id="cite_note-Hung-Yi-2017-13"><span class="mw-cite-backlink">^ <a href="#cite_ref-Hung-Yi-2017_13-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Hung-Yi-2017_13-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHung-YiChang-hsien2017" class="citation journal cs1">Hung-Yi, Chen; Chang-hsien, Tsai (2017-11-08). <a rel="nofollow" class="external text" href="https://ssrn.com/abstract=3166867">"Changing Regulations of Peer-to-Peer Lending in China"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Changing+Regulations+of+Peer-to-Peer+Lending+in+China&rft.date=2017-11-08&rft.aulast=Hung-Yi&rft.aufirst=Chen&rft.au=Chang-hsien%2C+Tsai&rft_id=https%3A%2F%2Fssrn.com%2Fabstract%3D3166867&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEzubao" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHuang2016" class="citation journal cs1">Huang, Robin Hui (2016). <a rel="nofollow" class="external text" href="https://www.law.cuhk.edu.hk/app/wp-content/uploads/2020/02/CFRED_WP21_Robin_Hui_Huang.pdf">"Online P2P Lending and Regulatory Responses in China: Opportunities and Challenges"</a> <span class="cs1-format">(PDF)</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Online+P2P+Lending+and+Regulatory+Responses+in+China%3A+Opportunities+and+Challenges&rft.date=2016&rft.aulast=Huang&rft.aufirst=Robin+Hui&rft_id=https%3A%2F%2Fwww.law.cuhk.edu.hk%2Fapp%2Fwp-content%2Fuploads%2F2020%2F02%2FCFRED_WP21_Robin_Hui_Huang.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEzubao" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLeeBao2022" class="citation journal cs1">Lee, Joseph; Bao, Yonghui (December 12, 2022). "The Rise, Fall and Future of P2P Lending Platforms in China: the Role of Policy, Law and Enforcement".</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+Rise%2C+Fall+and+Future+of+P2P+Lending+Platforms+in+China%3A+the+Role+of+Policy%2C+Law+and+Enforcement&rft.date=2022-12-12&rft.aulast=Lee&rft.aufirst=Joseph&rft.au=Bao%2C+Yonghui&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEzubao" class="Z3988"></span> <span class="cs1-visible-error citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_journal" title="Template:Cite journal">cite journal</a>}}</code>: </span><span class="cs1-visible-error citation-comment">Cite journal requires <code class="cs1-code">|journal=</code> (<a href="/wiki/Help:CS1_errors#missing_periodical" title="Help:CS1 errors">help</a>)</span></span> </li> <li id="cite_note-Hsu-2021-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-Hsu-2021_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Hsu-2021_16-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHsuLiBao2021" class="citation journal cs1">Hsu, Sara; Li, Jianjun; Bao, Hong (September 2021). <a rel="nofollow" class="external text" href="https://onlinelibrary.wiley.com/doi/10.1111/manc.12332">"P2P lending in China: Role and prospects for the future"</a>. <i>The Manchester School</i>. <b>89</b> (5): 526–540. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fmanc.12332">10.1111/manc.12332</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1463-6786">1463-6786</a>.</cite><span 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title="Shyster">Shyster</a></li> <li><a href="/wiki/Sucker_list" title="Sucker list">Sucker list</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Variants</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Advance-fee_scam" title="Advance-fee scam">Advance-fee scam</a></li> <li><a href="/wiki/Art_student_scam" title="Art student scam">Art student scam</a></li> <li><a href="/wiki/Badger_game" title="Badger game">Badger game</a></li> <li><a href="/wiki/Bait-and-switch" title="Bait-and-switch">Bait-and-switch</a></li> <li><a href="/wiki/Black_money_scam" title="Black money scam">Black money scam</a></li> <li><a href="/wiki/Blessing_scam" title="Blessing scam">Blessing scam</a></li> <li><a href="/wiki/Bogus_escrow" title="Bogus escrow">Bogus escrow</a></li> <li><a href="/wiki/Boiler_room_(business)" title="Boiler room (business)">Boiler room</a></li> <li><a href="/wiki/Bride_scam" title="Bride scam">Bride scam</a></li> <li><a href="/wiki/Charity_fraud" title="Charity fraud">Charity fraud</a></li> <li><a href="/wiki/Clip_joint" title="Clip joint">Clip joint</a></li> <li><a href="/wiki/Coin-matching_game" title="Coin-matching game">Coin-matching game</a></li> <li><a href="/wiki/Coin_rolling_scams" title="Coin rolling scams">Coin rolling scams</a></li> <li><a href="/wiki/Drop_swindle" title="Drop swindle">Drop swindle</a></li> <li><a href="/wiki/Embarrassing_cheque" title="Embarrassing cheque">Embarrassing cheque</a></li> <li><a href="/wiki/Exit_scam" title="Exit scam">Exit scam</a></li> <li><a href="/wiki/Extraterrestrial_real_estate" title="Extraterrestrial real estate">Extraterrestrial real estate</a></li> <li><a href="/wiki/Fiddle_game" class="mw-redirect" title="Fiddle game">Fiddle game</a></li> <li><a href="/wiki/Fine_print" title="Fine print">Fine print</a></li> <li><a href="/wiki/Foreclosure_rescue_scheme" title="Foreclosure rescue scheme">Foreclosure rescue scheme</a></li> <li><a href="/wiki/Foreign_exchange_fraud" title="Foreign exchange fraud">Foreign exchange fraud</a></li> <li><a href="/wiki/Fortune_telling_fraud" title="Fortune telling fraud">Fortune telling fraud</a></li> <li><a href="/wiki/Gem_scam" title="Gem scam">Gem scam</a></li> <li><a href="/wiki/Get-rich-quick_scheme" title="Get-rich-quick scheme">Get-rich-quick scheme</a></li> <li><a href="/wiki/Green_goods_scam" title="Green goods scam">Green goods scam</a></li> <li><a href="/wiki/Hustling" title="Hustling">Hustling</a></li> <li><a href="/wiki/Indian_coal_allocation_scam" title="Indian coal allocation scam">Indian coal allocation scam</a></li> <li><a href="/wiki/IRS_impersonation_scam" title="IRS impersonation scam">IRS impersonation scam</a></li> <li><a href="/wiki/Scams_in_intellectual_property" title="Scams in intellectual property">Intellectual property scams</a></li> <li><a href="/wiki/Kansas_City_Shuffle" title="Kansas City Shuffle">Kansas City Shuffle</a></li> <li><a href="/wiki/Locksmith_scam" title="Locksmith scam">Locksmith scam</a></li> <li><a href="/wiki/Long_firm_fraud" title="Long firm fraud">Long firm</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Mock_auction" title="Mock auction">Mock auction</a></li> <li><a href="/wiki/Moving_scam" title="Moving scam">Moving scam</a></li> <li><a href="/wiki/Overpayment_scam" title="Overpayment scam">Overpayment scam</a></li> <li><a href="/wiki/Patent_safe" title="Patent safe">Patent safe</a></li> <li><a href="/wiki/Pig_in_a_poke" title="Pig in a poke">Pig in a poke</a></li> <li><a href="/wiki/Pigeon_drop" title="Pigeon drop">Pigeon drop</a></li> <li><a href="/wiki/Pork_barrel" title="Pork barrel">Pork barrel</a></li> <li><a href="/wiki/Pump_and_dump" title="Pump and dump">Pump and dump</a></li> <li><a href="/wiki/Redemption_movement" title="Redemption movement">Redemption/A4V schemes</a></li> <li><a href="/wiki/Reloading_scam" title="Reloading scam">Reloading scam</a></li> <li><a href="/wiki/Return_fraud" title="Return fraud">Return fraud</a></li> <li><a href="/wiki/Salting_(confidence_trick)" title="Salting (confidence trick)">Salting</a></li> <li><a href="/wiki/Shell_game" title="Shell game">Shell game</a></li> <li><a href="/wiki/Sick_baby_hoax" title="Sick baby hoax">Sick baby hoax</a></li> <li><a href="/wiki/SIM_swap_scam" title="SIM swap scam">SIM swap scam</a></li> <li><a href="/wiki/Slavery_reparations_scam" title="Slavery reparations scam">Slavery reparations scam</a></li> <li><a href="/wiki/Spanish_Prisoner" title="Spanish Prisoner">Spanish Prisoner</a></li> <li><a href="/wiki/SSA_impersonation_scam" title="SSA impersonation scam">SSA impersonation scam</a></li> <li><a href="/wiki/SSC_Scam" title="SSC Scam">SSC Scam</a></li> <li><a href="/wiki/Strip_search_phone_call_scam" title="Strip search phone call scam">Strip search phone call scam</a></li> <li><a href="/wiki/Swampland_in_Florida" title="Swampland in Florida">Swampland in Florida</a></li> <li><a href="/wiki/Tarmac_scam" title="Tarmac scam">Tarmac scam</a></li> <li><a href="/wiki/Technical_support_scam" title="Technical support scam">Technical support scam</a></li> <li><a href="/wiki/Telemarketing_fraud" title="Telemarketing fraud">Telemarketing fraud</a></li> <li><a href="/wiki/Thai_tailor_scam" title="Thai tailor scam">Thai tailor scam</a></li> <li><a href="/wiki/Thai_zig_zag_scam" title="Thai zig zag scam">Thai zig zag scam</a></li> <li><a href="/wiki/Three-card_monte" title="Three-card monte">Three-card monte</a></li> <li><a href="/wiki/Trojan_horse_(business)" title="Trojan horse (business)">Trojan horse</a></li> <li><a href="/wiki/Wash_trading" class="mw-redirect" title="Wash trading">Wash trading</a></li> <li><a href="/wiki/White_van_speaker_scam" title="White van speaker scam">White van speaker scam</a></li> <li><a href="/wiki/Work-at-home_scheme" title="Work-at-home scheme">Work-at-home scheme</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Internet_fraud" title="Internet fraud">Internet scams</a> and<br />countermeasures</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Avalanche_(phishing_group)" title="Avalanche (phishing group)">Avalanche</a></li> <li><a href="/wiki/Pig_butchering_scam" title="Pig butchering scam">Pig Butchering</a></li> <li><a href="/wiki/Carding_(fraud)" title="Carding (fraud)">Carding</a></li> <li><a href="/wiki/Catfishing" title="Catfishing">Catfishing</a></li> <li><a href="/wiki/Click_fraud" title="Click fraud">Click fraud</a></li> <li><a href="/wiki/Clickjacking" title="Clickjacking">Clickjacking</a></li> <li><a href="/wiki/Cramming_(fraud)" title="Cramming (fraud)">Cramming</a></li> <li><a href="/wiki/Category:Cryptocurrency_scams" title="Category:Cryptocurrency scams">Cryptocurrency scams</a></li> <li><a href="/wiki/Cybercrime" title="Cybercrime">Cybercrime</a></li> <li><a href="/wiki/CyberThrill" title="CyberThrill">CyberThrill</a></li> <li><a href="/wiki/DarkMarket" title="DarkMarket">DarkMarket</a></li> <li><a href="/wiki/Domain_name_scams" class="mw-redirect" title="Domain name scams">Domain name scams</a></li> <li><a href="/wiki/Email_authentication" title="Email authentication">Email authentication</a></li> <li><a href="/wiki/Email_fraud" title="Email fraud">Email fraud</a></li> <li><a href="/wiki/Internet_vigilantism" title="Internet vigilantism">Internet vigilantism</a></li> <li><a href="/wiki/Lenny_(bot)" title="Lenny (bot)">Lenny anti-scam bot</a></li> <li><a href="/wiki/Lottery_scam" title="Lottery scam">Lottery scam</a></li> <li><a href="/wiki/PayPaI" title="PayPaI">PayPai</a></li> <li><a href="/wiki/Phishing" title="Phishing">Phishing</a></li> <li><a href="/wiki/Referer_spoofing" title="Referer spoofing">Referer spoofing</a></li> <li><a href="/wiki/Ripoff_Report" title="Ripoff Report">Ripoff Report</a></li> <li><a href="/wiki/Rock_Phish" title="Rock Phish">Rock Phish</a></li> <li><a href="/wiki/Romance_scam" title="Romance scam">Romance scam</a></li> <li><a href="/wiki/Russian_Business_Network" title="Russian Business Network">Russian Business Network</a></li> <li><a href="/wiki/SaferNet" title="SaferNet">SaferNet</a></li> <li><a href="/wiki/Scam_baiting" title="Scam baiting">Scam baiting</a> <ul><li><a href="/wiki/419eater.com" title="419eater.com">419eater.com</a></li> <li><a href="/wiki/Jim_Browning_(YouTuber)" title="Jim Browning (YouTuber)">Jim Browning</a></li> <li><a href="/wiki/Kitboga_(streamer)" title="Kitboga (streamer)">Kitboga</a></li> <li><a href="/wiki/Scammer_Payback" title="Scammer Payback">Scammer Payback</a></li></ul></li> <li><a href="/wiki/ShadowCrew" title="ShadowCrew">ShadowCrew</a></li> <li><a href="/wiki/Spoofed_URL" title="Spoofed URL">Spoofed URL</a></li> <li><a href="/wiki/Spoofing_attack" title="Spoofing attack">Spoofing attack</a></li> <li><a href="/wiki/Stock_Generation" title="Stock Generation">Stock Generation</a></li> <li><a href="/wiki/Voice_phishing" title="Voice phishing">Voice phishing</a></li> <li><a href="/wiki/Reputation_management" title="Reputation management">Website reputation ratings</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Pyramid_scheme" title="Pyramid scheme">Pyramid</a> and<br /><a href="/wiki/Ponzi_scheme" title="Ponzi scheme">Ponzi schemes</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aman_Futures_Group" class="mw-redirect" title="Aman Futures Group">Aman Futures Group</a></li> <li><a href="/wiki/Bernard_Cornfeld" title="Bernard Cornfeld">Bernard Cornfeld</a></li> <li><a href="/wiki/Caritas_(Ponzi_scheme)" title="Caritas (Ponzi scheme)">Caritas</a></li> <li><a href="/wiki/Dona_Branca" title="Dona Branca">Dona Branca</a></li> <li><a href="/wiki/Earl_Jones_(investment_advisor)" title="Earl Jones (investment advisor)">Earl Jones</a></li> <li><a class="mw-selflink selflink">Ezubao</a></li> <li><a href="/wiki/Foundation_for_New_Era_Philanthropy" title="Foundation for New Era Philanthropy">Foundation for New Era Philanthropy</a></li> <li><a href="/wiki/Franchise_fraud" title="Franchise fraud">Franchise fraud</a></li> <li><a href="/wiki/High-yield_investment_program" title="High-yield investment program">High-yield investment program (HYIP)</a></li> <li><a href="/wiki/Investors_Overseas_Service" title="Investors Overseas Service">Investors Overseas Service</a></li> <li><a href="/wiki/Kapa_investment_scam" class="mw-redirect" title="Kapa investment scam">Kapa investment scam</a></li> <li><a href="/wiki/Kubus_scheme" title="Kubus scheme">Kubus scheme</a></li> <li><a href="/wiki/Madoff_investment_scandal" title="Madoff investment scandal">Madoff investment scandal</a></li> <li><a href="/wiki/Make_Money_Fast" title="Make Money Fast">Make Money Fast</a></li> <li><a href="/wiki/Matrix_scheme" title="Matrix scheme">Matrix scheme</a></li> <li><a href="/wiki/MMM_(Ponzi_scheme_company)" title="MMM (Ponzi scheme company)">MMM</a></li> <li><a href="/wiki/Petters_Group_Worldwide" title="Petters Group Worldwide">Petters Group Worldwide</a></li> <li><a href="/wiki/Pyramid_schemes_in_Albania" title="Pyramid schemes in Albania">Pyramid schemes in Albania</a></li> <li><a href="/wiki/Reed_Slatkin" title="Reed Slatkin">Reed Slatkin</a></li> <li><a href="/wiki/Saradha_Group_financial_scandal" title="Saradha Group financial scandal">Saradha Group financial scandal</a></li> <li><a href="/wiki/Secret_Sister" title="Secret Sister">Secret Sister</a></li> <li><a href="/wiki/Scott_W._Rothstein" title="Scott W. Rothstein">Scott W. Rothstein</a></li> <li><a href="/wiki/Stanford_Financial_Group" title="Stanford Financial Group">Stanford Financial Group</a></li> <li><a href="/wiki/Welsh_Thrasher_faith_scam" title="Welsh Thrasher faith scam">Welsh Thrasher faith scam</a></li> <li><a href="/wiki/WinCapita" title="WinCapita">WinCapita</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_con_artists" title="List of con artists">Con artists</a></li> <li><a href="/wiki/List_of_confidence_tricks" class="mw-redirect" title="List of confidence tricks">Confidence tricks</a></li> <li><a href="/wiki/List_of_criminal_enterprises,_gangs,_and_syndicates" title="List of criminal enterprises, gangs, and syndicates">Criminal enterprises, gangs and syndicates</a></li> <li><a href="/wiki/List_of_impostors" title="List of impostors">Impostors</a></li> <li>In the media <ul><li><a href="/wiki/Confidence_tricks_in_film_and_television" title="Confidence tricks in film and television">Film and television</a></li> <li><a href="/wiki/Confidence_tricks_in_literature" title="Confidence tricks in literature">Literature</a></li></ul></li> <li><a href="/wiki/List_of_Ponzi_schemes" title="List of Ponzi schemes">Ponzi schemes</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Ezubao&oldid=1258080991">https://en.wikipedia.org/w/index.php?title=Ezubao&oldid=1258080991</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Fraud_in_China" title="Category:Fraud in China">Fraud in China</a></li><li><a href="/wiki/Category:Peer-to-peer_lending_companies" title="Category:Peer-to-peer lending companies">Peer-to-peer lending companies</a></li><li><a href="/wiki/Category:Pyramid_and_Ponzi_schemes" title="Category:Pyramid and Ponzi schemes">Pyramid and Ponzi schemes</a></li><li><a href="/wiki/Category:Companies_based_in_Anhui" title="Category:Companies based in Anhui">Companies based in Anhui</a></li><li><a href="/wiki/Category:2014_establishments_in_China" title="Category:2014 establishments in China">2014 establishments in China</a></li><li><a href="/wiki/Category:2015_disestablishments_in_China" title="Category:2015 disestablishments in China">2015 disestablishments in China</a></li><li><a href="/wiki/Category:2010s_crimes_in_China" title="Category:2010s crimes in China">2010s crimes in China</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:CS1_errors:_missing_periodical" title="Category:CS1 errors: missing periodical">CS1 errors: missing periodical</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_matches_Wikidata" title="Category:Short description matches Wikidata">Short description matches Wikidata</a></li><li><a href="/wiki/Category:Articles_containing_simplified_Chinese-language_text" title="Category:Articles containing simplified Chinese-language text">Articles containing simplified Chinese-language text</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 18 November 2024, at 01:28<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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