The People's Bank of China (PBOC), the central bank, Thursday announced it has revoked the payment business license of Shanghai Chang-Go for funds misappropriating and fraud reporting.
During its inspection process to Chang-Go, the central bank discovered the company had misappropriated reserves of clients and forged financial reports, which seriously violated clients' rights and interests.
The central bank has handed over relevant evidence of the case to judicial authority and some of the suspects may face criminal charge.
Founded in November 2006, Shanghai Chang-Go received payment business license in August 2011, which allowed it to issue pre-paid cards and conduct Internet payment business in Shanghai, Jiangsu, Zhejiang, Anhui and Shandong.
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