Editor’s note: A version of this post by Dou Shicong first appeared on Yicai Global.

Zhang Xiaolei, the actual controller and CEO of Qbao.com, the online finance platform also known as Qianbao (钱包网), has surrendered himself to the Nanjing police yesterday and relevant departments are conducting an investigation into the company’s allegedly illegal fund-raising activities. Zhang’s turning himself in also follows investor complaints about the website’s activities.

Nanjing police informed the public about Zhang’s voluntary surrender through its official social media account yesterday. Shanghai’s supervisory bodies included Qbao.com in the list of irregularly operated businesses in April as they were unable to locate its registration address. In August, some investors said they were unable to withdraw their money through the site and that the company’s Shanghai headquarters has been closed.

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Yicai Global

Yicai Global is the English-language financial news service of Shanghai Media Group and is one of just two dedicated Chinese news feeds connected to the Bloomberg terminal.