Ezubao probed for alleged illegal funds
Print Edition
Online peer-to-peer lending platform Ezubao is being investigated for suspected illegal pooling of public deposits, Shenzhen police said yesterday, following the platform’s closure 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,” said a posting on Shenzhen police’s microblog.
Last month, police in Shanghai and Beijing as well Jiangsu and Guangdong provinces said they had sealed, frozen and seized assets of Ezubao as part of their probe into the company.
Ezubao was suspected of cheating investors by running a Ponzi scheme and raising a total of 72.6 billion yuan (US$11 billion) from around 4.9 million investors across the country.
The raid on Ezubao highlighted the rising risks in China’s booming P2P industry, with a third of them facing fraud.
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