Despite efforts to clean up the country’s P2P lending space, another Chinese P2P lending site, Esudai (e速贷), was shut down on Wednesday amid embezzlement claims.

According to a statement by local police in Huizhou, Esudai is accused of illegally collecting deposits and “absorbing” hundreds of millions of RMB. Thirteen executives from Guangdong Huirong Investment Co., the company responsible for Esudai, have been detained.

“As Huizhou’s first and largest P2P platform, Esudai will cooperate with the compliance inspection and supervision departments, and work together to promote the healthy development of the industry,” stated Esudai on its website a week earlier when investigations began.

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Eva Xiao

Eva Xiao is a tech reporter based in Shanghai. Contact her at eva.xiao@technode.com or evawxiao (wechat & twitter).