China's central bank on January 07 said it had revoked the license of a prepaid card provider and vowed to crack down on non-bank financial institutions that violated the law. The People's Bank of China (PBOC) said on its website it had ordered Shanghai Chang Gou Enterprise Services to withdraw from the market after finding the company had misappropriated clients' money, concealed capital flows, and refused inspections.
It said police were now dealing with the firms' bosses and its debts were being handled by Bank of Communications International Trust.
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