Beijing Police Launch Criminal Probe Into CreditEase Wealth Manager
Beijing police opened a criminal investigation into CreditEase and detained its controller following the suspension of 30 billion yuan in product redemptions.
Police in Beijing's Chaoyang district launched a criminal investigation into the wealth manager CreditEase on October 12, 2026. Authorities imposed criminal coercive measures on the company's actual controller, a 53-year-old man surnamed Tang, and a 51-year-old woman surnamed Zhao.
The investigation follows the May suspension of redemptions on quasi-fixed-income products totaling 30 billion yuan. A preliminary audit by financial due diligence advisers indicated that CreditEase Group may be insolvent and faces a significant debt repayment gap.
CreditEase previously operated the New York-listed P2P platform Yirendai before shifting to a loan facilitation model after the 2018 P2P collapse. This crackdown is part of a broader Chinese government effort to dismantle shadow banking operations and mitigate systemic financial risks, mirroring the April liquidation of Zhongzhi Enterprise Group.
