Billionaire internet entrepreneur arrested for sexual misconduct

Chinese Billionaire Liu

Chinese billionaire and tech mogul Richard Qiangdong Liu returned to China on Monday, three days after Minneapolis police arrested and detained him on suspicion of sexual assault. It added that Liu had continued on with his previously planned agenda following the investigation.

However, officials from JD.com said that Liu was falsely accused and his arrest was based on unsubstantiated accusation.

"He has been released without any charges, and without a requirement for bail", JD.com spokeswoman Tracy Yang told The Washington Post.

The company did not immediately provide further details, and Liu could not immediately be reached by Reuters.

However, the case is still active-and Minneapolis Police Department spokesman John Elder told the Journal that Liu was "released pending formal complaint".

The Chinese e-commerce firm JD.com has alliances with Tencent and Walmart.

He owns almost 16% of the company's shares and controls just under 80% of its voting rights, giving him huge sway over key decisions.

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Liu founded the company about two decades ago. He declined to say where in the city Liu was arrested or what he was accused of doing.

JD.com is China's second-largest online shopping site after Alibaba. According to its website, the program is designed for top-level executives working in China and the region, and the average age of participants is 50.

China's foreign ministry said Monday that the Chinese Consulate in Chicago is looking into the circumstances surrounding Liu's arrest.

Liu, the founder and CEO of the e-commerce company JD.com, was arrested at about 11:30 p.m. on Friday and released shortly after 4 p.m. on Saturday, according to Hennepin County Sheriff's Office records.

The company has been in and out of the red for the past year and last month reported a second-quarter net loss of $334.4 million - nearly twice that forecast in a Thomson Reuters I/B/E/S poll - reflecting increased investment. The accusation could also be a test of JD.com's stability, as well as the ability of a Chinese technology company to rebound from the problems of its leaders.

His wife, Zhang Zetian, some 19 years younger, is a businesswomen and internet celebrity. Liu was not charged or accused of any misconduct, however, he did end up losing a legal battle earlier this year to keep his name out of the records and the press.

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