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JD.com's billionaire CEO released after U.S. arrest

3 September 2018

The billionaire founder and chief executive of Chinese e-commerce firm JD.com Inc, Richard Liu, was arrested in the U.S. state of Minnesota on suspicion of criminal sexual conduct and later released after what the company said was a false accusation. JD.com is one of China's tech heavyweights. It is competing with larger rival Alibaba Group Holding Ltd. Liu is well known in China and has a net worth of $7.9 billion .

The local police quickly determined there was no substance to the claim against Mr. Liu, and he was subsequently able to resume his business activities as originally planned .Police Department said that an investigation was ongoing and declined to provide details of the arrest.