Eleven people were sentenced in Shanghai on Wednesday, in the city's biggest pyramid scheme of all time, Shanghai ERC News Radio reported.

Cao Jianhua, chairman and CEO of Shanghai Jiadihao Group and 10 other associates were handed down prison terms ranging from 2 years and 6 months to 13 years for duping 60,000 investors across China of more than 1.09 billion yuan ($179.5 million).

The funds were collected as part of a fraudulent healthcare investment scheme launched by Cao in November 2009. Cao is believed to have misused the collected funds for personal purposes.