Shanghai police said on Tuesday that two financing firms, Jinlu Financial Advisors and Dangtiancaifu, are under investigation for illegally siphoning off public savings.
Police of Changning District in Shanghai said the two firms promised 10 percent annual returns and were suspected of illegally amassing fortunes from the public.
Owners of the firms have been placed under "coercive measures," which include summons by force, bail, residential surveillance, detention and arrest.
Police are tracking the assets of the companies.
