Dec 09, 2015 07:46 PM

Executives of Murky Internet Finance Start-up Detained

By staff reporter Wu Hongyuran, Yang Qiaoling and Zhang Yu

One of Ezubo's offices in Beijing that was sealed off by police on December 8

(Beijing) – The Chairman and top executives of a start-up suspected of operating illegally in Internet finance has been detained by police.

The detention of Ding Ning, Chairman of Yucheng International Holdings Group Ltd. (Yucheng Group) based in the eastern province of Anhui, comes after police raided offices of its Internet finance arm that runs Ezubo, a peer-to-peer lending website which has channeled over 70 billion yuan from individual lenders to companies from 2014.