Chinese authorities have arrested 21 people suspected of involvement in a 50-billion-yuan (7.6-billion-dollar) online Ponzi scheme, the state-run Xinhua News Agency reported Monday.
Around 900,000 investors had put money into funds through Ezubao, the country's largest peer-to-peer lending platform, the report said.
More than 95 per cent of the projects on the financing platform were believed to be fake, Xinhua reported.
Ezubao was launched in July 2014 by Yucheng Group. The group's chairman, Ding Ning, and 20 others were arrested on January 14.
The platform reportedly promised returns of 9 to 14.6 per cent, while a "considerable proportion" of investor money was spent by senior executives on luxury goods, cars and real estate, Xinhua said.