Police in Chengdu , Sichuan , have detained three people accused of illegal fund-raising involving more than 92 million yuan (HK$104 million), state media said yesterday. Officials retrieved nearly 20 million yuan of public money after arresting Zhang Rongrong , He Ping and He Jun with 12 other key suspects who were granted bail, China News Service said. Ms Zhang and her partners founded a forestry company in 2006, but turned it into Sichuan Zhiyuan Investment Shares last year to attract public funds in Liangshan Yi Autonomous Prefecture and the city of Leshan by promising investors up to 8 per cent interest, the report quoted Chengdu Municipal Public Security Bureau spokesman Li Dongtong as saying. The report said the purported investment company had never set up a systematic investment plan even though it raised more than 92 million yuan, because it had put less than 20 per cent of the funds into the forestry business. The rest of the money was deposited into personal accounts of the company's middle and high management as 'commissions', Mr Li quoted Ms Zhang as saying. The report did not give details of the number of victims involved in the swindle, saying police were pursuing other suspects on the run. It is against mainland loan laws to borrow funds - for investment or other purposes - totalling more than 200,000 yuan from the public, raise funds from more than 30 households, or fail to repay more than 100,000 yuan collected from small investors. Offenders face up to 10 years in jail and a 500,000 yuan fine.