Evergrande Accused of $78 Billion Fraud, China's Biggest Financial Scam

Chinese regulators accused Evergrande of inflating revenues by $78 billion over 2019-2020, the biggest financial fraud in China's history
Evergrande's main unit was fined $580 million and its founder Xu Jiayin was fined $6.5 million and banned from securities markets
Regulators say Evergrande fabricated 50% of 2019 revenue ($30 billion) and 78% of 2020 revenue ($48.6 billion)
Six Evergrande executives were also fined; Xu and the former vice chairman were banned from markets for life
Regulators said Xu made decisions and organized the fraud, using falsified financial reports