TEN suspects involved in peer-to-peer (P2P) lending fraud were arrested recently for further investigation, according to a release by the Nanshan Public Security Sub-bureau on Wednesday.

In the release updating an investigation into six P2P lending platforms that were involved in illegal fund-raising, the Nanshan police said officers questioned two major suspects Monday from Shenzhen Pig Finance Service Co. surnamed Hu and Shen, who were arrested by police in Hangzhou, capital city of Zhejiang Province, and checked the identifications of the shareholders of another company who had illegally raised money through its Website http://www.moneypig.cn and its app.

Police also urged the two other lending platforms to contain the losses of investors to a minimum.

Police have frozen funds ranging from 3 million yuan (US$433,526) to 120 million yuan in the accounts of the six lending platforms.

In another development, nine suspects are facing prosecution for illegal fund-raising and illegal business operation, according to Shenzhen Municipal People’s Procuratorate.

In June 2015, two suspects surnamed Zhao and Wang set up a financial investment company in Qianhai that engaged in illegal fund-raising by promising high returns to investors in their fund management products and currency speculations. In March 2017, the two suspects set up a another company to attract investors to invest in its hollow fiber membrane products by offering high returns. The money they raised wasn’t used for the products, but to cover their losses and pay off the debt of their financial investment company. (Han Ximin)