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Chinese police bust $7.6B Ponzi scheme

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Chinese police have arrested 21 people over an alleged online scheme that took in some $7.6 billion from 900,000 investors.

The official Xinhua news agency announced the alleged scam ran by peer-to-peer lender Ezubao was a Ponzi scheme.

According to the news agency, more than 95 percent of projects on the online financing platform were fake.

Read more from Reuters.

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