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    <p>While Madoff has remained the top household name for financial <a rel="noopener noreferrer nofollow" title="fraud" href="https://thebittimes.com/tag/fraud.html">fraud</a> for the past 16 years, it may finally be time to anoint a new <a rel="noopener noreferrer nofollow" title="fraud" href="https://thebittimes.com/tag/fraud.html">fraud</a> king: the former head of Evergrande, Hui Ka Yan.</p>
    <p>Evergrande collapsed in 2021 after three years of being the largest and most valuable real estate company in the world. The success of the company also briefly made Hui the wealthiest individual in China.</p>
    <p>But as the Chinese real estate market began to falter, the books for Evergrande looked more and more cooked, and by 2023, the company was bankrupt and facing liquidation.</p>
    <p>Read more: A year on from the US regional banking crisis, what’s changed?</p>
    <h2 class="wp-block-heading" id="h-inflation-adjusted-fraud-means-madoff-keeps-crown">Inflation-Adjusted Fraud means Madoff Keeps Crown</h2>
    <p>While the $78 billion <a rel="noopener noreferrer nofollow" title="fraud" href="https://thebittimes.com/tag/fraud.html">fraud</a> claim being leveled against Evergrande and Hui Ka Yan is significantly larger than the $65 billion <a rel="noopener noreferrer nofollow" title="fraud" href="https://thebittimes.com/tag/fraud.html">fraud</a> that Madoff accomplished over decades, it is actually a much smaller amount when adjusted for inflation.&nbsp;</p>
    <p>In this case, after the adjustment, Madoff’s <a rel="noopener noreferrer nofollow" title="fraud" href="https://thebittimes.com/tag/fraud.html">fraud</a> would amount to just under $100 billion and Ken Lay’s Enron would be far greater than both Madoff or Evergrande, amounting to a shocking $112 billion <a rel="noopener noreferrer nofollow" title="fraud" href="https://thebittimes.com/tag/fraud.html">fraud</a> in 2024 dollars.</p>
    <p>Other <a rel="noopener noreferrer nofollow" title="fraud" href="https://thebittimes.com/tag/fraud.html">fraud</a>s of this gigantic proportion include the collapse of WorldCom and the over-leveraged hedge fund Long Term Capital Management, however, these barely come close to Evergrande, Enron, or Madoff, only accounting for ~$20 billion and $7 billion in 2024 dollars, respectively.</p>
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/move-over-madoff-evergrande-might-have-delivered-the-new-king-of-fraud-tbt82970.html">https://thebittimes.com/move-over-madoff-evergrande-might-have-delivered-the-new-king-of-fraud-tbt82970.html</a></p>

Move over Madoff, Evergrande might have delivered the new king of fraud

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