Apr 23, 2021 06:17 PM

China’s Busted Illegal Fundraising Cases Worth $60 Billion Since 2018

What’s new: China has completed investigations into more than 11,000 illegal fundraising cases involving more than 380 billion yuan ($58.5 billion) over the past three years, official data showed Thursday.

This year, the authorities will pay close attention to potential illegal fundraising in real estate and online education, as well as services under the cover of blockchain or virtual currency, according to an interministry task force led by the China Banking and Insurance Regulatory Commission, the country’s banking regulator.

The background: Beijing in 2007 set up (link in Chinese) the task force to crack down on illegal fundraising, with members from more than a dozen central government departments.

In recent years, there have been a large number of cases where individuals and organizations have illegally raised funds from the public without a license, ending up causing losses to investors and posing risks to the financial system.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

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