Biggest Fraud in Chinese History Reveled?

The world’s most indebted property developer is being accused of the biggest fraud case ever in Chinese history.

Chinese regulators are accusing Evergrande and its founders of inflating its revenue by $78 billion dollars.

The China Securities Regulatory Commission has slapped the group’s main unit, Hengda Real Estate with a $580 million dollar penalty.

The founder and chairman of the Evergrande Group has been hit with a separate fine and has been barred from the securities market for life.

After a months-long investigation, regulators charge that Evergrande inflated sales in its financial reports and used those allegedly falsified figures to sell bonds.

They also say the group failed to disclose relevant information, as required.