British police are investigating Joe Lewis, 59, a currency trader who has disappeared after admitting to his investors that his company had ceased trading five years ago, but he continued to take their money.

Professional footballers and golfers are understood to have been caught up in the scheme.

As a response to investors who worried about their funds, Mr Lewis sent an email two weeks ago confessing that the company had been inactive since 2009, after it lost a substantial amount of money on foreign exchange deals.

From 2011 onwards only investors who were willing to put forward at least €20,000 could join his 'investment club'. Individual investments are said to have amounted to as much as €1.5m.

The email read: “JL Trading [Mr Lewis's company] ceased foreign exchange trading in 2009 following substantial losses and since that time the business has suffered further losses, which I have tried to make good through investments in a number of commercial projects.

"However, it is now clear that the business will not be able to recover its losses and must cease trading. This means that, contrary to what was reported to you previously, you cannot expect any payments in the future."

The father-of-two started the company ten years ago, at its peak it employed 30 people.

Two days after the confession a final email was sent by Mr Lewis, which stated: "You have been sent an update this week which was worded by my lawyers, but I wanted everyone to know, I am not running away from things,” he continues, "please note, I have covered up my mistakes from everyone including my staff, no one else knew what was happening.”

He expressed his regret, and said that he was doing his best to fix the situation.

Mr Lewis has been unavailable for comment. He had been based in Instanbul, but the doorman who works in his building told The Telegraph that he had not been seen for weeks.

His adult son also says that he does not know where his father has gone.

Mr Bavin, is one of a number of investors who spoke to the The Telegraph, saying: “I am sure this is a massive fraud; almost certainly it’s a pyramid scheme. I have reported it to the fraud squad. We have all put money in and he has run off with all our money and that is as much as we know. I am owed significant sums.”

Mr Lewis's company's website has been deleted, except for a message on the homepage saying. "JL Trading is no longer trading."