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China First P2P Lending Tuandai.com Founders Sentenced to 20 Years Jail, 44 Others Jail and Former Chairman Tan Jun Fined $7.3 Million & GM Fined Zhang Lin Fined $5.8 Million

29th December 2022 | Hong Kong

China first P2P (Peer-to-Peer) lending platform Tuandai.com founders have been sentenced to jail for 20 years alongside 44 others to jail.  Former Tuandai.com Chairman Tan Jun had had also been fined $7.3 million (CNY 51.5 million) & former General Manager Zhang Lin had also been fined $5.8 million (CNY 41 million).  China Dongguan Intermediate People’s Court had convicted them of fundraising fraud, illegal deposits, stock market manipulation, forging invoices, and tax offences.  China Paisheng Technology ad also been fined $229 million (CNY 1.6 billion) for fundraising fraud and stock market manipulation.    The P2P (Peer-to-Peer) lending platform Tuandai.com is no longer in operation.  Founded in 2011, the platform raised $358 million, and in 2019, collapsed after failing to repay $4.9 billion (CNY 34. billion).  In 2017,  former Tuandai.com Chairman Tan Jun injected Tuandai.com into Paisheng Intelligent, which was in the business of precision aluminum die casting.  

“ China First P2P Lending Tuandai.com Founders Sentenced to 20 Years Jail, 44 Others Jail and Former Chairman Tan Jun Fined $7.3 Million & GM Fined Zhang Lin Fined $5.8 Million “

 



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China First P2P Lending Tuandai.com Founders Sentenced to 20 Years Jail, 44 Others Jail and Former Chairman Tan Jun Fined $7.3 Million & GM Fined Zhang Lin Fined $5.8 Million

Shanghai, China



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