I just saw this site purportedly has 2.7 Million Backlinks http://www.zgwnjq.com/PhpLD/index.php But then when I check the MajesticSEO link, it is 204. That would be quite a change from 2.7 million. What gives?
When I first read your post, I had just assumed that this was someone with a network of directories where G had indexed tags, searches and tons of non-pages across hundreds of sites. But looking at Yahoo!'s Site Explorer, this gets a bit more curious. Almost every site on the first page of results has URL's with the word admin in them. The URL's I saw often lead to blank pages, Asian sites (Japanese, Korean, Chinese based on the characters used) or other nonsense. Perhaps Majestic counted all that mess originally but has now figured out that they are non-public pages that may not exist in any form? It is identifying those 204 backlinks as coming from only 16 sites. I think the answer is right there on the homepage. The owner purchased this dropped domain for $100 and provides an affiliate link to the marketplace. Looks like someone scammed him and he unfortunately built his entire directory concept based on that scam. Or the entire directory is a promotional tool for where he purchased the domain and the directory is the scam.