China arrests 21 over $7.6 bln Ponzi scam: report

Chinese authorities have arrested 21 people on suspicion of defrauding around 900,000 people of more than 50 billion yuan ($7.6 billion), state media reported, after an online peer-to-peer lender turned out to be a giant Ponzi scheme. Ezubao offered investors annual returns of between nine percent and 14.6 percent on various projects, the official Xinhua news agency reported -- far more than currently offered by Chinese banks' wealth management products. The platform, launched in July 2014, had