Chinese police arrest boss of finance platform Qbao.com

Xinhua
Police in east China's Nanjing City arrested 12 people Thursday, including the boss of an online financial firm, for illegally obtaining money.
Xinhua
Imaginechina

A Chinese mobile phone user uses the mobile app of Qbao.com, the online finance platform also known as Qianbao, on his smartphone in Ji'nan city, east China's Shandong province, 27 December 2017.

Police in east China's Nanjing City arrested 12 people Thursday, including the boss of an online financial firm, for illegally obtaining money.

Zhang Xiaolei, who was the controller of Qbao.com, and 11 other suspects have been arrested on charges of illegally siphoning off public money, police in Jiangbei new district in Nanjing said.

Zhang founded Qbao.com in 2012 and used it as a platform to accumulate money given by creditors, who were lured by large interest returns as high as 60 percent, police said.

Qbao.com was found to have amassed huge amounts of money, police said, without specifying numbers.

In its heyday, the website was said to have 200 million registered users and billions of yuan worth in cash flow, according to previous report.

Local police said they were doing their best to retrieve investor losses. Police have seized assets of the company and the assets will be disposed of after the court verdict.

Police ask investors to timely register information with the police and not to organize illegal activities.

In January, 11 investors were detained for organizing illegal gatherings and disturbing public order.

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