A police investigation has begun against wanglibao.com, a Beijing-based peer-to-peer (P2P) lending platform, about one month after it was accused of failing to repay lenders.

According to a report by stcn.com, the status of the case on the police account for reporting economic crimes involving broad participation on WeChat is "case filed." The floor of the building where the company was located is empty and locked, according to the report. 

The investigation could influence a large number of investors. The company's own statistics showed that as of Monday, the platform had accumulated more than 25.6 billion yuan ($3.84 billion) in transactions and had 3,277,995 registered users. However, the company's website showed that as of Tuesday, there were no overdue payments among user transactions. 

Since April, wanglibao.com has been hit with complaints of late payment from its users, according to a report by sina.com. On Thursday, before the police case was filed, the company said on its website that it planned to "restructure" and wouldn't make new loans. 

Wanglibao.com is latest of many P2P platforms to face an investigation into potential financial misconduct. According to a report by CCTV, from June 2018 to February this year, more than 380 P2P lenders faced police investigations, with more than 10 billion yuan involved. 

Given the high investment risks in the industry, the government has been working to regulate P2P lending companies. For example, in April, the National Internet Finance Association of China issued a statement that encouraged the restructuring and optimization of the industry. 

These efforts have been stabilizing the P2P lending business. According to a report by eastmoney.com, from December 2017 to May this year, transaction volumes declined by 40 percent, and overdue payments fell 32 percent to 717.5 billion yuan.

According to the information listed on wanglibao.com, the company was launched in September 2014 with registered capital of 50 million yuan. It has been operating as a P2P money lending platform between lenders and borrowers for more than four years. The company attracted investment from famous investors including IDG Capital Partners. 

The company was also accused of stamp fraud in 2017, after fake stamps were spotted by users in loan documents posted on the company's website. 

The Global Times tried to reach the company through its customer service line but failed to get through. As of press time, there were no updates regarding the investigation from the police.