China launches online platform to register fund-raising victims

BEIJING -- The Ministry of Public Security (MPS) has launched an online platform to record investors and investments in illegal fund-raising cases.

The website will be used to help with investigation in such cases and will be the basis for investors who were swindled out of money to receive compensation for their loss, the MPS said.

Investors in online peer-to-peer broker ezubao and its related companies, which are under investigation for alleged illegal fund-raising, will be given priority when registering their loss (ecidcwc.mps.gov.cn).

Police investigations found substantial evidence that ezubao cheated about 900,000 investors out of more than 50 billion yuan ($7.6 billion).

The P2P platform had been in operation for 18 months when it was shut down by police in December after conducting transactions involving 70 billion yuan. Most investment projects featured on the company website were fake, police said.

The ministry said the platform was established to facilitate investigation into the ezubao case and the handling of the assets involved.

The ministry urged investors to honestly register their unredeemed investments via the website. Once verified, the registered data will be the basis for return of their funds.

The platform, which was launched Saturday, will be open for investors of ezubao to register through May 13, the MPS said.

The statement added the website will be used for other major illegal fund-raising cases in the future.