China probes P2P giant CreditEase, founder faces police action

Chinese authorities have opened a criminal investigation into companies linked to former peer-to-peer lending giant CreditEase, with founder Tang Ning and several other suspects placed under compulsory criminal measures as the group faces a major investor repayment crisis. Beijing police opened a criminal investigation into CreditEase related companies and imposed measures on controllers. CreditEase stopped payments on fixed income style products in May and later warned of insolvency. Police asked affected investors to submit documents online, by mail, or at local police stations. Yiren Digital reported second quarter revenue of RMB 890 million, down 46% year over year.

Source: crypto.news