Executive at internet finance firm detained

Police in Shenzhen, Guangdong province have detained a chief executive of a local internet finance company who is suspected of involvement in cheating public savings from hundreds of investors.

The executive, surnamed He, one of bosses of the Shenzhen Baiyimao Financial Services Co, an online peer-to-peer financial platform, fled abroad on July 16, when police began an investigation into the company for illegally siphoning off public savings.

The suspect, 47, a Shanghai native, returned to Shenzhen and was arrested on Thursday evening, after police issued a warrant nationwide.