China’s P2P Lending Market Is A Scammer’s Paradise

Chinese local police arrested 13 people at the small P2P (Peer-to-Peer) lender in the city of Huizhou yesterday.

Founded in 2010, recorded total transaction value of over RMB7 billion (US$1.07 billion) with 330,000 investors lending out their personal savings via the online portal.

The founders and managers at the company allegedly kept some of those funds for themselves. They are also claimed to have masqueraded as regular users and posted fake borrowing requests.

The news of the online lending scam is nothing extraordinary in a country where a total of 1,598 P2P lenders and fintech operators have failed or disappeared. The majority of those used similar tactics to cheat small lenders before the website owners disappeared with bulky suitcases.

The difference for is that the owners were caught be...

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