Police in China have stepped up a crackdown on peer-to-peer lenders, freezing Rmb10bn ($1.5bn) across 380 companies and dispatching teams across Asia in pursuit of financial fugitives.
The operation, called “Fox Hunt”, according to the Ministry of Public Security, detained 62 people in 16 countries including Cambodia and Thailand.
So-called P2P lending — a $120bn business that connects private lenders with borrowers online — was once a thriving industry in China, with little government oversight over thousands of companies that rapidly opened shop. Business leaders often touted the market as one that regulators had left largely untouched, in order to promote innovation.
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