The Dmitrii Donskoi Armoured Cruiser of the Imperial Russian Navy on Oct. 3,1891 at anchor off Brest, France. (Photo: Hulton Archive, Getty Images)

Three South Korean executives were jailed for an alleged scam tricking investors into believing there was a sunken ship holding billions of dollars in gold, reports say.

Last year, South Korean company Shinil Group claimed they found a Russian ship filled with treasure, . Weeks later, police investigated allegations Shinil Group made up the discovery to boost shares of a separate steel company executives had invested in ahead of the announcement, said CNN.

, investigators claimed the executives were able to attract more than $7 million from investors who were excited about potentially extracting the ship’s treasure.

The former vice chairman of the