The founder of the troubled Fanya Metals Exchange, who has been pursued across China by angry investors, has disappeared and is presumed detained by authorities.

In a filing to the Hong Kong stock exchange, Imagi Animation Studies, a company controlled by Shan Jiuliang, said it had “l(fā)ost contact” with the Fanya founder. It said he last attended a board meeting on October 15 but did not turn up for a meeting on December 11 and had not been reachable.

Fanya suffered a liquidity crunch early this year and an estimated $6.4bn in funds from investors remains frozen. In addition to issuing highly liquid investment products with annual interest rates of up to 13 per cent, it stockpiled and traded metals used in high-tech and military applications.