Beijing busts big fraud gang

Beijing police said Saturday they have detained 299 people in a fraud case, where they use personal information illegally acquired to falsify certificates and sell collectible items at high prices after repackaging them.

The company, Tistina International Collection, used illegally obtained personal information of citizens to make phone calls to them and sell collectible items, including memorial coins and stamp albums,the Fengtai District Branch of Beijing Public Security Bureau said.x Beijing police on Wednesday night besieged a building where the company locates, taking away more than 400 people, including the company's managers and staff, for investigation.

Police are still hunting for the company's president surnamed Han, a native of northeast China's Liaoning Province.

The company have already handled over 30,000 transactions, with a combined turnover of 100 million yuan (about 16.2 million U.S. dollars), police said.

The fraud case is still being investigated.