The police have cracked a large real estate scheme in Kunming, Yunnan Province, the People's Daily reports.

The project, dubbed "International Lakeside Eco-city," was funded by a company called Yunnan Junxin Investment Co. Ltd.

However, it turned out to be a bogus company, police said. With lower prices and promotions from housing agencies and the press, the scam succeeded in luring over 2,000 local citizens and 40 organizations and swindling some 300 million yuan (US$45 million). The police have detained 16 suspects including the company's chairman, Yang Qingrong, and froze 180 million yuan (US$27 million).

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