China accuses Evergrande of $78 billion fraud, worse than Luckin and Enron

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Founder’s legal woes escalate over China Evergrande Group’s alleged $78 billion revenue overstatement Hui’s vehicleWho now stands at the center of one of the largest financial fraud cases in history.

The country’s top securities regulator said the developer’s onshore unit inflated revenues by recognizing advance sales over the two years to 2020, which led to its default. It imposed a fine of 4.18 billion yuan ($581 million) against the entity.

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