A Chinese online finance company bilked investors out of more than $7.6 billion, spent lavishly on gifts and salaries and buried the evidence, according to local authorities who described the operation as an enormous Ponzi scheme.Chinese officials say that the online company, Ezubao, once a dynamo of the industry, offered mostly fake investment products to its nearly one million investors, according to the state-run Xinhua news agency. The authorities arrested 21 people in Anhui. Aaron has the details.
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