The convicted had collected amount totalling 2.6 billion yuan (USD 422 million) from people.
They received jail terms ranging from 2.5 to 10 years after the Beijing Municipal Second Intermediate People's Court found they had collected the money from more than 40,000 people.
They also received fines ranging from 100,000 to 500,000 yuan, the court said in a statement.
From December 2009 to May 2012, Zhu Zijun and 12 others cheated the public to buy "franchise qualification" in their dummy company, state-run Xinhua reported.
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