Beijing police have busted a major fraud ring accused of using E Rent Treasure, an online financial platform, to illegally collect up to 50 billion yuan ($7.6 billion) in funds, harming 900,000 investors across 31 provinces and regions, according to the Beijing Public Security Bureau.

Ding Ning, former chairman of Yucheng International Group, the owner of E Rent Treasure, has been arrested by a Beijing prosecuting department on suspicion of fund-raising fraud, illegally acquiring funds and possessing firearms.

Twenty other senior managers in the company have also been arrested by national prosecuting departments on suspicion of illegally acquiring funds from investors.