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Suspects held after Ezubao raid
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Chinese police have taken 鈥渃oercive measures鈥 against suspects at Ezubao, the country鈥檚 largest online peer-to-peer platform by lending figures, which generally means detention.
Police in Shanghai, Beijing, and provinces of Jiangsu and Guangdong said they had sealed, frozen and seized assets of Ezubao and its linked companies as part of probes into the company, according to postings on their official microblogs yesterday.
鈥淗ow can we get our money back?鈥 said an investor named 24 in an Ezubao investors鈥 social media group in response to the news. 鈥淭hat鈥檚 our hard-earned money.鈥
The investigation into Ezubao is the latest case highlighting the growing financial risks linked to the P2P industry, which has been dogged by reports of frauds for years.
Among China鈥檚 almost 3,800 P2P firms operating in the sector now worth of 133.1 billion yuan (US$20.6 billion), more than 1,200 are in trouble, either running away with investors鈥 money, or closed down, according to industry data provider Wangdaizhijia.
Last week, it was reported Ezubao is under investigation for suspected illegal business activities. The P2P lender had lent 70 billion yuan and counts the Bank of China, the country鈥檚 fourth-biggest lender, as its major creditor.
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