Investors: Offline Channels and Police

investors: On April 1, local police announced they had detained 44 executives and mid-level managers of the company who prosecutors say will face criminal charges, according to Global Times China. Local police said the P2P platform designed fake financial products and sold them to investors through online and offline channels to illegally absorb public deposits. In late March, tuaidai went bankrupt and hundreds of individual and institutional investors launched a protest demanding their investments be paid back. The Dongguan police department has sent 31 working groups across the country to pursue the money and seized 1.21 billion yuan that was secretly transferred, according to the statement. The closure of tuandai. com is not a stand-alone case, as a string of online finance lenders went under in previous years, such as Qianbao and Ezubo. On Friday, the procuratorate of Dongguan approved the arrest of four suspects from tuandai for the crime of suspected fund-raising fraud and illegally absorbing public deposits, and another 37 suspects for illegally absorbing public deposits. (news.financializer.com). As reported in the news.