Published: 11:04pm, 14 Feb, 2016 Updated: 2:54pm, 20 Jul, 2018
Chinese police are preparing for potential social unrest following recent online lending scandals , and as the risk of further problems continues to emerge . according to the report : “ authorities have been ordered to step up measures to shut down illegal online lending platforms , closely monitor legal operations and act promptly against suspected investors … ” This follows the collapse of Ezubao , the country ’s biggest peer - to - peer online lending platform , which allegedly defrauded about 900,000 investors across the country of more than ¥ billion . Senior Chinese officials have warned that further illegal fundraising schemes were likely to result in a slew of defaults towards the middle of this year as payments are due .