A former deputy general manager at a company owned by maverick philanthropist Chen Guangbiao has been released on bail after being detained in a fraud case.

According to a report in the Beijing Times, police in Nanjing, Jiangsu province, discovered more than 170 forged stamps in the offices of Jiangsu Huangpu Recycling Resources, which Chen founded in 2003.

The stamps were allegedly used to sign contracts worth more than 300 million yuan ($45 million).

Chen, who is well-known for his controversial publicity stunts, has denied any involvement in the fraud.

According to him, the fake stamps were allegedly created by the former deputy general manager, surnamed Jiang, on the orders of a former general manager, surnamed Zhang.

Chen has also offered to donate all the money involved in the case if it is retrieved.