Several Xiaomi phones users recently have found many of the financial products they invested in have been having problems paying off the investors. These investors first accessed these products via their ads on Xiaomi, accusing Xiaomi of pushing fraudulent ads and lacking moderation.

Based on screenshots provided by some of the users, the ads of the peer-to-peer(P2P) lending platforms were shown in Xiaomi VIP System Tasks and Xiaomi Sports.

Some of the platforms promised thousands of RMB cash back for RMB 30 or 50 thousand investment, which were very tempting for investors. However, many of them have proven to be scams, where operators of some of the platforms have fled with investors’ money and some having troubling returning the money to investors.

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Jiefei Liu

Jiefei Liu is a Beijing based tech reporter. She focuses on the union of tech and content creation and loves agriculture. You can write to her at Jiefei@technode.com