Chinese authorities said they opened criminal investigations into the money management business of embattled shadow banking giant Zhongzhi Enterprise Group Co.

Police in Beijing said in a statement on WeChat that they took “criminal mandatory measures” against multiple suspects, identifying one by the last name Xie. They urged investors to report cases or provide leads to the authorities, including filing complaints online. Xie Zhikun, the group’s founder, died in 2021, but several of his relatives are currently executives at the company.

The legal terminology used to describe the situation was similar to that in the case of China Evergrande Group’s billionaire chairman Hui Ka Yan. Evergrande said in September that Hui was suspected of committing crimes.

Privately owned Zhongzhi earlier this week revealed the depth of its financial difficulties, telling investors it is “severely insolvent” with a shortfall of $36.4 billion.

The wealth manager said liquidity has dried up and the recoverable amount from asset disposals is expected to be low, according to a letter sent to investors on Wednesday and seen by Bloomberg News.

Zhongzhi first triggered concern in August after one of its trust-company affiliates failed to make payments to customers on high-yield investment products. The group’s financial difficulties add to President Xi Jinping’s challenges as officials grapple with a property crisis and a weak economy.

The firm said the death of its founder Xie and the subsequent departure of senior executives had led to a failure of internal management. Previous efforts at a “self-rescue” didn’t live up to expectations, Zhongzhi said in the letter.