Chinese police arrest 21 as finance company accused of defrauding nearly a million people

Police have arrested 21 employees at China’s largest online finance business suspected of fleecing 900,000 investors for €6.9bn in what could be the biggest financial fraud in the country’s history.

State media outlets reported the arrests and broadcaster CCTV showed alleged confessions from two former employees at Ezubao, an Anhui province firm that rose from obscurity to become China’s largest online financing platform within about 18 months.