Chinese e-commerce giant JD.com’s founder and CEO, Richard Liu, is being investigated for rape, according to a report by The Financial Times.

The Minnesota police had arrested him over a “criminal sexual assault” incident that involved a Chinese student at the University of Minnesota, last Saturday.

Liu was taken into custody then released without charge or bail; he was also not charged with a crime. Liu then returned to China on Monday.

JD.com has refuted the allegations of rape, saying that the “police did not find any inappropriate behaviour”.

Also Read: Philippines increasingly likely to legalise cryptocurrency exchanges

The Minnesota police department, however, said that investigations are still ongoing and the results could be announced as early as this Friday.

They also said they were “confident” that they will be able to “connect” with Liu should it become necessary.

JD.com’s shares slid 6.5 per cent in the NASDAQ today. The company saw its shares prices cut by 29 per cent this year amid sluggish performance.