Qbao – The $11 Billion Ponzi Scheme in China
China’s internet finance and marketing firm, qbao.com may be one of the largest online Ponzi scheme in China, having raised CNY 50 to 70 billion ($7.92 – $11.08 billion) from the public. Qbao.com had promised almost up to 80% annualised returns by simply depositing money, taking part in activities such as watching advertisements, sharing info about products on social media or signing into account daily.
” Qbao.com raised almost $11 billion in Online Ponzi Scheme “
On Boxing Day, 26th December 2017, founder of qbao.com, Zhang Xiaolei turned himself to the police in Nanjing. Once a media darling in China, qbao.com claims to have almost 200 million registered users and CNY 200 million transactions daily. The website currently have an official notice of Zhang Xiaolei being held in custody for suspicion of illegal fundraising and is calling Qbao investors to report to local authorities and cooperate in the investigations. Qbao’s servers and funds have also been frozen.
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