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China accuses Evergrande, Founder Hui Ka Yan of $78-billion fraud
short by Debaroti Adhikary / on Tuesday, 19 March, 2024
China has accused world's most indebted realty firm Evergrande and its Founder Hui Ka Yan of falsely inflating revenue by over $78 billion (around ₹6.5 lakh crore) in the two years leading up to its failure. China Securities Regulatory Commission (CSRC) imposed a record fine of 4.18 billion yuan (around ₹4,920 crore) on Evergrande's Hengda Real Estate.
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