Investors embroiled in the fraudulent peer-to-peer financing platform Ezubao are being urged to register details of their losses for possible compensation, read an announcement made by the No.1 Intermediate People's Court in Beijing on Wednesday.

According to the announcement, they can register details of their losses, along with their personal and banking information, with the designated local authorities from July 2 to August 30. Compensation for individual investors will be calculated based on registered and verified information. 

However, according to a report on the website of the Taizhou police in East China's Zhejiang Province, individuals can only get 20 percent to 25 percent of their total losses as compensation. 

Government fines, banks that lent money to Ezubao and bondholders have priority under Chinese law. 

Ezubao first came under investigation in December 2015 for illegal operations that wrung out more than 76.2 billion yuan ($11 billion) from its investors, according to a report by bjnews.com. 

Since its launch in 2014, the financing platform, which turned out to be a Ponzi scheme, fleeced more than 900,000 investors. It also owes 38 billion yuan in unpaid loans, the report said. 

Investigations over the case led to the jailing of 26 company executives. Two received life imprisonment.

Like many other such financial operations, Ezubao initially attracted investors with unrealistically high returns and assurances of minimal risk.

Right after its launch, it promised annual returns of 9 percent to 14.6 percent, far higher than regular financial products in commercial banks.

According to a report by the Xinhua News Agency in 2016, the Ezubao platform was a typical example of a Ponzi scheme, as 95 percent of the company's financial products were fraudulent, and the money acquired was used to set up new "products".