Chinese police arrest boss of finance platform Qbao.com

Updated 2018-02-02 09:43:01 Xinhua

Police in east China's Nanjing City arrested 12 people Thursday, including the boss of an online financial firm, for illegally obtaining money.

Zhang Xiaolei, who was the controller of Qbao.com, and 11 other suspects have been arrested on charges of illegally siphoning off public money, police in Jiangbei new district in Nanjing said.

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 as high as 60 percent, police said.

Qbao.com was found to have amassed huge amounts of money, police said, without specifying numbers.

In its heyday, the website was said to have 200 million registered users and billions of yuan worth in cash flow, according to previous report.

Local police said they were doing their best to retrieve investor losses. Police have seized assets of the company and the assets will be disposed of after the court verdict.

Police ask investors to timely register information with the police and not to organize illegal activities.

In January, 11 investors were detained for organizing illegal gatherings and disturbing public order.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 15 2018 09:22:53

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 15 2018 09:22:53

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 15 2018 09:22:53

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords