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Online financial firm boss under police control over illegal fund-raising

Xinhua,December 29, 2017 Adjust font size:

NANJING, Dec. 29 (Xinhua) -- Police in east China's Nanjing City said Friday they have taken criminal "coercive measures" against the boss of an online financial firm over illegal fund-raising.

Zhang Xiaolei, who controlled Qbao.com, turned himself in Tuesday. Police in Nanjing said they have begun an investigation.

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, police said. Zhang took funds from new creditors to pay off old debts. Qbao.com was found to have amassed huge amounts of money.

Some of Qbao.com's investment projects claimed a return rate of 50 percent. In its heyday, the website was said to have 200 million registered users and billions of yuan worth in cash flow.

Victims have been asked to report to police.

Police did not elaborate on what specific measures were taken, but criminal coercive measures can include summons for questioning, residential surveillance, detention and arrest. Enditem

 

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