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Fincera decries local government probe into P2P platform

Fincera Inc. criticized the Shijiazhuang Municipal Public Security Bureau's investigation of Qingyidai, the company's peer-to-peer lending platform, saying that it "vehemently disagrees with the investigation initiated by the local Shijiazhuang government."

The bureau had initiated an investigation of Qingyidai for alleged illegal acceptance of public funds. Several employees of the company were detained, including Chairman and CEO Yonghui Li. Fincera's offices in Shijiazhuang and Beijing were raided by government personnel and the company's servers were taken offline.

Fincera said Dec. 13 that it believes the bureau's allegations "are without merit" and that it strives for compliance with new regulations. The company said it is pursuing all available legal options.