China’s peer-to-peer lending is in crisis amid fraud, defaults and illegal practices. Photo: Simon SongChina’s peer-to-peer lending is in crisis amid fraud, defaults and illegal practices. Photo: Simon Song
China’s peer-to-peer lending is in crisis amid fraud, defaults and illegal practices. Photo: Simon Song

China investigates fintech firm 51 Credit Card for harassing borrowers in latest crackdown on peer-to-peer lending market

  • Shares of Hong Kong-listed fintech firm have plunged after police made `on-site investigation’ on Monday following complaints from borrowers
  • Company issues apology over the case, saying assets are not frozen and key company executives are assisting the police in ongoing probe

Topic |   Banking & Finance
China’s peer-to-peer lending is in crisis amid fraud, defaults and illegal practices. Photo: Simon SongChina’s peer-to-peer lending is in crisis amid fraud, defaults and illegal practices. Photo: Simon Song
China’s peer-to-peer lending is in crisis amid fraud, defaults and illegal practices. Photo: Simon Song
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