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 ministry said their teams “successfully brought back 62 criminal suspects from 16 countries and regions, including Thailand and Cambodia.”The suspects are accused of crimes related to illegal fundraising, the ministry said on its website. P2P platforms gather funds from retail investors and loan the money to small corporate and individual borrowers, promising high returns. The P2P industry had outstanding loans of 1.49 trillion yuan ($217.96 billion) last year, far larger than the combined sector outside China. The latest investigations found that many fraudulent P2P operators had lured investors with the promise of high returns, but had falsified investments and embezzled funds, the ministry said.

Source: bd News24 February 18, 2019 10:18 UTC