MORE than 20 suspects have been detained for allegedly organizing a Ponzi scheme in which over 100 billion yuan (US$14 billion) was collected, Shanghai police said yesterday.

The gang allegedly operated the scheme through nationwide stores for latex bedding called “Data Tycoon.”

Instead of selling latex products, they sold financial products to investors, who were encouraged to draw in other investors, police said.

Police in Jinshan District started their investigation in February this year after a disappointed investor reported the case.

The man, surnamed Liu, said he had invested about 23,000 yuan in 2017 and received no returns.

Investors like Liu became members of the “DT Group” and had accounts on the company’s website.

More than 1 million member accounts were opened on the website from June 2016 to August this year, police said.

They initially invested US$125 to US$12,500 to become members, according to police.

The “DT Group” is allegedly a company registered in Thailand, with branch companies running its Internet platform and sales registered in China’s Wuhan and Shenzhen.

Two main suspects are still at large in a foreign country, police confirmed.

The other suspects were caught in different parts of the country in August.

Police then froze bank accounts holding more than 18 million yuan.