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Suspects held after Ezubao raid
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Chinese police have taken “coercive measures” against suspects at Ezubao, the country’s 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.
“How can we get our money back?” said an investor named 24 in an Ezubao investors’ social media group in response to the news. “That’s our hard-earned money.”
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’s 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’ 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’s fourth-biggest lender, as its major creditor.
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