China online lending crackdown shutters Guangdong P2P site

A large Chinese online lending platform accused of illegal operations has suspended operations, one of hundreds that have been shut this year by the government, as China cleans up a sector ridden with stories of Ponzi schemes. Police in Huizhou, Guangdong province, said on Wednesday night that it had detained 13 executives from Guangdong Huirong Investment Co's peer-to-peer lending platform esudai (www.esudai.com). The detainees included its legal representative and chairman Jian Huixing.

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