China freezes 10b yuan P2P assets

HONG KONG: Chinese police have frozen 10 billion yuan (RM6.1 billion) of assets across more than 380 peerto-peer (P2P) lenders in an escalated investigation into illicit financing. Codenamed “Fox Hunt”, the operation spanned 16 countries and regions including Thailand and Cambodia and led to the arrests of 62 suspects implicated in Chinese P2P frauds since June, said China’s Ministry of Public Security on Sunday. It didn’t disclose more details but said police was still recouping losses.