China Evergrande and its founder accused of $78 billion fraud
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Evergrande, the beleaguered Chinese property behemoth, and its founder, Hui Ka Yan are accused of inflating revenues by a staggering $78 billion in two years leading up to the company's debt default. The China Securities Regulatory Commission (CSRC) has slapped Evergrande's flagship unit, Hengda Real Estate, with a hefty fine of $583.5 million for this alleged malpractice. Hui could also be hit with a lifetime ban from China's financial markets and a fine of $6.5 million.