An online gambling ring has been cracked with more than 120 arrested after a two-month investigation, Beijing News reported on Thursday.

It's the biggest Internet gambling operation smashed by local police so far, involving record-high stakes, according to local police.

The ring used a Philippine gambling website called Suncity as its platform, providing live video gambling for games such as baccarat and roulette.

It was a complex operation as members were scattered across 21 provinces and cities. In Beijing alone this year, there have been more than 52,000 visits to the website with total stakes of 2.1 billion yuan ($308 million).

More than 120 suspects were taken into custody, including the alleged core members of the ring, Fu Xiangrong and Bao Ning.

Police also seized cash and computers they believe belonged to the group. Other than the gambling organizers, few people earn money from web gambling, police said.

A man surnamed Zhao, who used to be a millionaire, told Beijing News he lost his Mercedes Benz and apartment in just three years after he became addicted to online gambling.

"I regret becoming involved with online gambling. Now I have lost everything," he said.

Beijing police say they will continue to strengthen their Internet monitoring in order to crack down on any illegal gambling groups and online betting especially during the World Cup. The case is under further investigation.

METRO