KUALA LUMPUR, May 25 ― A driver drove his luxury car into a crowd, killing five people, in Dalian, Northeast China's Liaoning Province on Saturday over a failed investment.

China's Global Times reported that the driver, who was driving a black BMW, also injured five others.

Quoting Dalian Public Security Bureau deputy director-general Qu Bo in a press conference, the suspect was said to have done it as an act of revenge on society after an investment failure.

In the 11.40am incident on Saturday, the suspect, surnamed Liu, driving his BMW along Tangshan Street to the intersection of Wuhui Road suddenly accelerated to 108 kilometers per hour in seven seconds, rushed through red lights and rammed into passers-by at a pedestrian crossing.

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Police said the road's speed limit is 60 kilometers per hour.

Initial investigations had ruled out drunk driving, drugs or psychiatric illness as the cause and the suspect was said to be of clear mind when committing the crime.

The suspect has been held for further investigations on the charge of endangering public safety.

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Meanwhile, Sina.com reported that the suspect formerly worked as a hairdressing salon's design director before it closed down recently.

Known as King in the saloon, Liu, who hails from Jilin, joined them in 2013.

The salon which has four branches in Dalian, was forced to close down two months ago after it went bankrupt.