Shanghai Police Investigates Online Platforms’ Fundraising
- Two platforms promised 10% yields, security bureau says
- Jinlu Fund, Dangtian Caifu websites currently inaccessible
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Shanghai’s police force has started an investigation into two online platforms after receiving reports from investors that they had been involved in “illegal fundraising,” the city’s Public Security Bureau said.
Jinlu Fund and Dangtian Caifu had promised investors a fixed yield of about 10 percent without obtaining proper legal permission, according to the statement, which was released on the bureau’s official Weibo account Tuesday. The police have taken “restrictive measures” in connection with the case, and will try to recover as much of the assets as possible, the bureau said.