A Chinese finance company at the centre of a multi-billion dollar fraud investigation is believed to have sent money to territory under the jurisdiction of Myanmar’s largest ethnic armed group, according to Chinese media reports.
State media outlet Xinhua reported on Monday that 21 people had been arrested for their involvement with Ezubo, an online peer-to-peer lender. Authorities alleged the service had defrauded nearly one million investors of more than 50 billion yuan (US$7.6 billion) and illegally possessed a cache of firearms.
Among those arrested were Ding Ning, chairman of Ezubo’s parent company Yucheng Group. According to the Caixan Online news service, Ding was born in eastern China and has since become a Myanmar citizen. Ding had been detained in December after authorities froze the company’s assets, sparking protests by outraged investors at the company’s Beijing office.
Sources familiar with the Chinese police investigation told Caixan that Yucheng Group and its subsidiary had sent $1.5 billion to territory in Myanmar controlled by the United Wa State Army (UWSA) near the Chinese border. (Courtesy of Frontier Myanmar)
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