SHENZHEN police have started investigating four peer-to-peer lending platforms for alleged illegal fundraising, according to releases by Nanshan and Futian public security sub-bureaus Tuesday.

Two executives at Shenzhen Wentong Financial Service Co. Ltd., the operator of www.lqgapp.com, and two executives at Shenzhen Youzhijia Financial Service Co., the operator of www.touzhijia.com, have been detained for investigation.

On Monday, Shenzhen Money Pig Financial Service Co. Ltd. was filed for investigation over suspected illegal fundraising, according to Nanshan’s public security sub-bureau.

As the cases are currently under investigation, investors in the three lending platforms can register and make a report to police through the official WeChat account, or send materials to the economic crime department of the Nanshan police.

They can also report to the nearby police stations — Xuehai, Gaoxin and Nanshan police stations — which administer the three companies.

Futian’s public security sub-bureau also released a public notice Tuesday regarding the investigation into suspected illegal fundraising by Qianbaba, a lending platform that had been operating for five years. The platform has suspended operation since July 10 due to cash flow difficulties.

China started a crackdown in January last year to wipe out illegal lending platforms. Those companies that fail to comply with the rules and standards will be shut down. It has been reported that the clean-up and rectification of unqualified P2P platforms, which was scheduled to be completed by the end of June this year, will be extended to June 2019. (Han Ximin)