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在线翻译:
szdaily -> Shenzhen -> 
Police freeze ¥33m of online lender
    2018-08-30  08:53    Shenzhen Daily

FUTIAN police said they had frozen 26 accounts containing 33.84 million yuan (US$4.96 million) that belong to an online lender, in an update on the progress of a probe into alleged illegal fundraising.

So far, three executives from the Shenzhen P2P lending platform Qianbaba, meaning “Money Father,” have been detained or arrested for investigation. The manager surnamed Yuan was approved for arrest by Futian District People’s Procuratorate.

Police are investigating other assets of the company and its affiliates, and will analyze and return all of the illicit earnings to victims following the court verdict, according to the release.

Investors who want to provide clues or inquire can follow the instructions on the WeChat account of Futian Police, the official channel for updates and replies to inquiries about cases.

Qianbaba suspended its operation July 9 due to cash flow shortages. The five-year-old firm had accumulatively lent out 32.5 billion yuan before the suspension.

It was one of the four major P2P lending platforms in Shenzhen that police had begun to investigate in July.

The Central Government rolled out 10 measures to curb the rising risks caused by the troubled P2P lending sector this June.

Since June, hundreds of online lending platforms have gone bust amid an intensifying crackdown on illegal fundraising.

P2P platforms gather funds from retail investors and loan the money to small corporate and individual borrowers, promising high returns. They started flourishing nearly unregulated in China in 2011. At the peak in 2015, there were about 3,500 such businesses nationwide.

The size of China’s P2P industry is far larger than the rest of the world combined, with 1.49 trillion yuan of outstanding loans, according to data tracker p2p001.com, which is run by the Shenzhen Qiancheng Internet Finance Research Institute.  (Han Ximin)

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