SHANGHAI (Reuters) - Beijing has called on local authorities to crack down on illegal fundraising platforms after China's largest online peer-to-peer (P2P) lender was found to have collected more than 50 billion yuan (£5.21 billion) for fake investment projects.
The State Council said on its website late on Thursday that strict precautions must be taken to prevent future illegal fundraising cases, and that the government would work to educate the public better about such financial risks.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
