China Banking Regulatory Commission responds to Luckin's fraud: ‘zero tolerance‘ for financial fraud
The State Council Information Office held a press conference at 10 am on April 22, 2020. The China Banking Regulatory Commission responded to Luckin Coffee ’s financial fraud and maintained a ‘zero tolerance‘ for financial fraud. It has urged relevant banks to strengthen risk monitoring. At present, insurance companies have received claims from Luckin Coffee, the relevant investigations are still ongoing, and there are still uncertainties in the claims process.