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Police: Ezubao under suspection of illegal public savings pooling
Online Edition
ONLINE peer-to-peer lending platform Ezubao was under investigation of suspected illegal pooling of public deposits, Shenzhen Police said yesterday, defining the scam case after shutting down the platform since December 8.
"Investigation has been carried out in Ezubao and its linked companies. The police is also working on the recovery of payable funds," according to postings on Shenzhen Police's microblogs yesterday.
Earlier last month, Police in Shanghai, Beijing, and provinces of Jiangsu and Guangdong said they had sealed, frozen and seized assets of Ezubao as part of probes into the company, as it was suspected to cheat investors' money by playing Ponzi Scheme and raised a total 72.6 billion yuan (US$11.04 billion) from some 4.9 million investors countrywide.
The raid into Ezubao was the latest case highlighting the rising risk of China's booming P2P industry, with one-third of them having troubles of fraud and withdrawing cash, industry data showed.
Those lending platforms sold a record 982.3 billion yuan of financial products through 2015, a staggering 28.6 percent jump from just a year earlier, according to Online Lending House, a website portal that tracks the sector.
Several moves showed the regulator started to tighten the industry by strict rules, including stopping registrations of Internet Finance related companies in Shenzhen, Beijing and Shanghai, thepaper.cn reported.
Draft rules over the sector also issued December 28, seeking 12 bans including setting funds pool and raise funds of their own to lend out, and limiting roles of P2P platforms to "intermediaries between lenders and borrowers".
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