The Phoenix Financial platform, a strategic investment by Phoenix TV, founded by Liu Changle in 2014 and with his son-in-law He Xin as legal representative, “burst the pot” last September and suddenly stopped its online lending business in the aftermath of the incident. The police in Haikou, Hainan Province, yesterday (5) reported that a formal case was opened to investigate the alleged illegal absorption of public deposits by Phoenix Financial, the company’s controller and chairman He Xin has been placed in criminal detention.
It was reported that Phoenix Financial, which suddenly stopped its online lending business in September last year, also stopped all lending users’ principal and interest repayments, and more than 70,000 victims lent about 9.6 billion yuan (about 11.73 billion Hong Kong dollars) “without any money back”.
The police in Longhua District, Haikou City, said that the public security organs in all provinces have opened channels to receive cases, please interest victims to the nearest police report. The police will follow the legal procedures and announce the progress of the case in due course.
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