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China arrests over 60 suspects abroad in online fraud crackdown
- Tuesday | 19th February, 2019
(Reuters) – China has arrested 62 suspects abroad and seized 10 billion yuan ($1.5 billion) in assets from 380 fraudulent peer-to-peer (P2P) lending platforms since June as part of a crackdown on online finance, the public security ministry said. P2P platforms gather funds from retail investors and loan the money to small corporate and individual borrowers, promising high returns. The arrest of P2P suspects hiding overseas is a top priority of Operation Fox Hunt, part of President Xi Jinping’s war on corruption that includes bringing back government officials and business executives who have fled abroad with assets. The P2P industry had outstanding loans of 1.49 trillion yuan ($217.96 billion) last year, far larger than the combined sector outside China. At its peak in 2015, the sector had about 3,500 businesses in China.
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