Tech in Asia reported today that CoAssets retail investors have lost millions of dollars to the peer-to-peer lending platform, with police reports being filed. Seedly has published a summary of the issues and basically the gist is that the company has allegedly winded up and transferred about US$30 million of its debt to a Hong Kong-based company and could not collect back its money. CoAssets is a microlending/crowdfunding platform where investors pool funds together and lend these funds to SMEs. Minimum investments on the platform range from S$1,000 to S$5,000. The investment opportunity set on CoAssets can range from working capital loans to invoice financing and bridging capital, similar to many other crowdfunding/peer-to-peer lending platforms like Minterest and Funding Societies. In return for lending money to these higher risk companies – which might not qualify for bank loans due to their lack of creditworthiness – they earn a high yield ranging from 10% to 20% on their investments....