The boss of a real estate company in Hangzhou, Zhejiang province, was detained on suspicion of illegally absorbing public savings, local public security said.

Yu Zhongjiang, the owner of Zhejiang Zhongjiang Holding Co, who is also the controller of 10 other companies, illegally absorbed a large amount of money from the public. The sums involved are more than one billion yuan($157 million), according to the Hangzhou Public Security Bureau.

So far, companies under the control of Zhongjiang and related assets have been managed by an administrator appointed by the Hangzhou Intermediate People's Court.

Yu was once a taxi driver, and he made his fortune in flavors and fragrances. Later, he stepped into the real estate industry, according to China News Service.