A 28-year-old man has fled the country to escape his creditors after his technology business collapsed around his ears.

Joe de Saram started his software company, Rhodium, a year ago with a loan of £2500. The company specialised in banking software and encryption technology.

At the height of the technology boom he was worth a cool £25 million. He drove a Ferrari 355 F1 and was the 62nd richest Asian in the UK.

He had offices in Sheffield and London and was planning to launch an online bank and share trading system. His company name was changed to "I Love My Encryption Technology".

But as the dotcom bubble deflated, his company ran into financial difficulties, and was finally wound up in Leeds Registry Court.

Lawyers acting for Saram's creditors said that the young ex-millionaire was thought to be in Sri Lanka, having been traced via his mobile phone.

One creditor told London freebie paper Metro that he was quite a character. She said: "There are all sorts of stories and rumours circulating about him. People are even saying that the Tamil Tigers are after him."

Leeds county court said an official liquidator will be appointed within five days of the winding up. ®