A young woman who claimed to be a manager of Zhongjin posted a picture on her WeChat Moments (a Chinese social media platform), in which she held bundles of Chinese RMB, saying that she would work harder to earn more in the future.

Some 21 people with links to a Shanghai-based investment company, Zhongjin Capital Management Co., have been detained on suspicion of illegal fundraising, the Shanghai Police said on April 6, 2016.

An investigation was launched when several public members complained of being cheated after investing in some schemes offered by the investment company. The police did not release details of the complaints, but said in a statement that the company “defrauded investors with non-existent programs and is involved in illegal fundraising”.

The company’s office building was closed down on Tuesday, while upset investors claiming to be the victims gathered outside of the company in hope of regaining their missing money.

According to Zhongjin’s website, as of February 10, 2016, the firm has raised over 34 billion yuan (more than $5.2 billion USD) from over 130,000 investors, among whom more than 20,000 investors were in their 60s. Founded in 2012, the young company was actually controlled by several youngsters under an average age of 30, based on a report from a Chinese online media jiemian.com. And the company’s president Chen jiajing, director of Guotai Investment Holdings Co. and Zhongjin’s major shareholder, was born in 1987. The 29-year-old woman leads the company to establish over 50 subsidiaries and have invested in over 100 partnership companies across China.

Not long before the company was shut down, a young woman who claimed to be a manager of Zhongjin posted a picture on her WeChat Moments (a Chinese social media platform), in which she held bundles of Chinese RMB, saying that she would work harder to earn more in the future. Those Chinese investors who are affected were furious over the post.