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Politics

China arrests 62 suspects abroad, $1.5bn seized in P2P crackdown

People protest over losses incurred in peer-to-peer investment schemes in front of the public security ministry of Dongcheng district in Beijing on Aug. 27, 2018.   © Reuters

China has arrested 62 suspects abroad and seized 10 billion yuan ($1.5 billion) in assets from 380 fraudulent peer-to-peer (P2P) lending platforms since June as part of a crackdown on online finance, the public security ministry said.

The arrest of P2P suspects hiding overseas is a top priority of Operation Fox Hunt, part of President Xi Jinping's war on corruption that includes bringing back government officials and business executives who have fled abroad with assets.

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