Chinese billionaire executed for 'mafia-style' gang

In this TV grab, Liu Han, center, former chairman of mining conglomerate Sichuan Hanlong Group, speaks during his verdict hearing at the Xianning Intermediate Peoples Court in Xianning city, central Chinas Hubei province, 9 February 2015.

The Chinese government is going after billionaires for their money, their assets and now, their lives.

According to multiple press reports, Chinese authorities have executed Liu Han, a former mining tycoon once worth more than $6 billion. He was the former chairman of Sichuan Hanlong Group, a mining conglomerate. Authorities found him guilty of running a "mafia-style" gang responsible for multiple murders, assaults, gun-running, theft and embezzlement.

Liu, 49, was a fixture in the Chinese business press, calling attention to his diamond watches and fleet of Bentleys, Ferraris and Rolls-Royces, according to The Telegraph.

The execution marks the most extreme example of the Chinese government's crackdown on the wealthy—especially those with connections to out-of-favor politicians. Liu had business ties to the son of disgraced national security chief Zhou Yongkang, who was stripped of his Communist Party membership in December after being accused of bribery and "violating the party's political, organizational and confidentiality discipline."

Zhou is the highest-ranking official so far to be targeted by President Xi Jinping's anti-corruption campaign.

The government has arrested dozens of wealthy Chinese businesspeople and officials as part of the campaign, and has started tracking the fortunes of the wealthy overseas.