Investors Call Cops as Nanjing Internet Finance Firm Freezes Deposits
Users of a Nanjing-based internet finance company have been scrambling to cash out after getting spooked by the collapse of its peer Qianbao.
The offices of Xiaosheng Youfu (XSYF) were empty of staff on Saturday, but crowded with users discussing what their next move will be. Some said they had already gone to the police.
The head of Qianbao, which has a similar model to XSYF, had turned himself in to Nanjing police for “alleged crimes” related to illegal fundraising, according to a statement that appeared on Qianbao’s website on Dec. 27.
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