Ministry reveals 5 financial crime cases

The Ministry of Public Security has revealed five major suspected financial crime cases, highlighting its ongoing crackdown on illegal financial activities. Suspects face allegations ranging from illegal business operations to loan, insurance and credit card fraud.

One of the cases involved a suspect surnamed Zhang, who had been recruiting dozens of people for a predatory lending business since October 2022, the ministry said in a news release.

The group had developed and operated 26 online lending apps overseas, and lent money to people in China at weekly interest rates of 30 to 35 percent. The organization had lent 560 million yuan ($78 million) to more than 50,000 people. In August this year, Shanghai police captured Zhang and 21 other suspects.