China to step up crackdown on illegal fundraising cases

China will push ahead with the launch of rules on handling illegal fundraising, step up efforts to deal with major illegal fundraising cases and promote the establishment of risk monitoring and warning systems nationwide, said the interagency task force leading the crackdown on such practices.

Online illegal fundraising has become a common model for this type of crime, as illegal fundraising is increasingly tapping into emerging areas of financial services and products such as peer-to-peer lending, wealth management, private equity and virtual currencies, said the interagency task force at a meeting on Monday.

"In recent years, criminals involved in illegal fundraising have adopted an 'internet plus' type of investment model to attract funds and clients by setting up e-commerce platforms or through the channels of WeChat business, multilayered distribution and mobile applications," said Wang Ning, a senior prosecutor of the Supreme People's Procuratorate, at the meeting.