Peer-to-peer (P2P) lending platform im.B is suspected of defrauding users of a large sum of money, the Financial Supervisory Commission (FSC) said yesterday.
The platform operator has one account each at four banks: CTBC Bank (中信銀行), Cathay United Bank (國泰世華銀行), E.Sun Commercial Bank (玉山銀行) and Bank SinoPac (永豐銀行), and only tens of thousands of New Taiwan dollars are left in them, Banking Bureau Director-General Sherri Chuang (莊琇媛) told a meeting of the legislature’s Finance Committee.
About 20 people have sought help from the police, and local prosecutors have begun investigating the case, the National Police Agency said at the meeting. More than 1,000 people have formed an online self-help group in an attempt to get their funds back, it said.
Photo: Kelson Wang, Taipei Times
The commission has not finalized how much money is involved in the case, but according to the self-help group it could amount to NT$2.5 billion (US$81.31 million).
Founded in 2015, im.B, which is short for “I am Bank,” enables users to lend money to other users. The platform provides interest of more than 6 percent to attract investors.
“It seems that the company has breached the Banking Act (銀行法) and is subject to criminal liability,” Chuang said, adding that im.B’s managers and representatives could be sentenced to more than seven years in prison if they are found guilty.
The commission would require the four banks to review and improve their know-your-customer operations, she said.
Peer-to-peer lending platforms are high-risk, and lending money via such platforms does not guarantee interest, Chuang said.
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