China crackdown on fraudulent P2P platforms results in 62 overseas arrests, US$1.5 billion of assets frozen

Chinese police have investigated more than 380 peer-to-peer (P2P) platforms on suspicion of illegal fundraising and frozen assets worth 10 billion yuan (US$1.5 billion), following the dramatic implosion of the once-booming shadow banking sector.China’s Ministry of Public Security said it had arrested 62 suspects who were operators of fraudulent P2P platforms from 16 foreign countries including Thailand and Cambodia, the state-run news agency Xinhua reported on Sunday.This was a rare public…

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