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Jinxing Investment

Asia/PacNews RoundupOnline Lending
·Mar. 31, 2017

Online Lender Jinxing Investment on Trial in China

Fifteen employees of Jinxing Investment are on trial in Shanghai for fraudulent lending of 1.5 billion yuan (US$220 million); the employees are charged with illegally raising funds and taking investments from the public that were not used for their intended use; Ji Jianhua, the company's chief financial officer, told the court that the investments were fake and that funds were directed to personal or related accounts of president Wang Mian; the company shut down in June 2016 and Wang Mian escaped and has not been found.  Source

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