Seven of them have been released on bail, according to Xinhua. The suspects used WeChat and QQ messengers to contact people willing to get a loan and collected transaction fees under the names of bank employees, the media said.
READ MORE: Huawei Scandal: Who Else Has Been Arrested at the US' Request?
Over 1,600 people fell victims to the fraud, the media specified, adding that the suspects managed to extort a total of over 5 million yuan (over $727,000).