My characterization was hasty, but he did get in trouble for both things that I mentioned, albeit with “rampant” only applying some of the time.

Here’s a highly hostile article discussing the corruption aspect:

https://www.globallawtoday.com/business/2025/04/jack-ma-indicted-the-legal-and-political-fallout-of-chinas-move-against-its-most-prominent-entrepreneur/

Here are some other crimes, some of which are financial and some of which are not:

https://www.amlintelligence.com/2023/07/news-chinas-ant-group-pays-984m-fine-for-aml-and-corporate-governance-failings/

I guess “failure to meet anti-money-laundering obligations” is adjacent but not itself a financial crime. Here’s an article that mentions what you mentioned, along with mentioning “high-risk lending activities, with leverage ratios of 50-60 times, raised serious concerns among regulators”:

https://www.benzinga.com/markets/24/11/42175308/the-fall-of-ant-groups-ipo-alibabas-missteps-legal-battles-and-a-433-5m-settlement

There are a lot of different charges, which I guess is kind of what you’d expect when a massive company that the CPC had previously turned a blind eye to suddenly falls under intense scrutiny.