China arrests 21 people over £5.3bn financial 'scam'

Police in China have arrested 21 people involved in an online financial scam suspected of defrauding 900,000 alleged investors of 50bn yuan (£5.31bn).

Those arrested worked for peer-to-peer lender Ezubao, a company launched by Ding Ning, the chairman of holding firm Yucheng Group.

While details are currently sketchy, local media outlets allege that investigations had found more than 95% of the investment opportunities offered on the company’s website were fake.

Ning was among those arrested by the authorities in China’s Anhui province where the firm was based.