Seoul (CNN) Three executives of a South Korean company, which claimed to have found a sunken Russian treasure ship containing billions of dollars in gold, have been jailed, months after their scam fell apart.

Shinil Group attracted global attention when it claimed last year to have discovered the Dmitri Donskoii , a 5,800-ton warship that sank during the 1905 Battle of Tsushima, in the waters between present-day South Korea and Japan.

Reports from the time of the sinking suggested there was gold on board, which could now be worth upwards of $125 billion, a staggering sum which a Shinil representative at a closely-watched press conference downgraded to a still respectable $8.9 billion

The company had hinted it would make an announcement at that event -- perhaps even showing photos and video of the gold. But nothing was forthcoming and questions were asked over the legitimacy of its previous images of the sunken ship.

Police raided the company amid allegations the story was cooked up to boost the shares of a steel company that Shinil executives had invested in before their supposed discovery. Shares in that company spiked following the announcement.

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