US authorities have admitted they do not know where Sir Allen Stanford is, two days after filing a civil case over alleged fraud.

The flamboyant Texan billionaire with close ties to English cricket has not been seen since Tuesday, although no criminal charges have yet been levelled.

The controversy has led to questions over the future of England and Wales Cricket Board (ECB) chairman Giles Clarke and bred panic in investors around the world.

Queues outside Stanford International Banks (SIB) have formed in Antigua and Venezuela.

The Securities and Exchange Commission (SEC) believes Sir Allen has sold $8 billion (£5.6 billion) of deposit certificates, promising investors the money would be held in secure, liquid assets with high rates of return.

However, Sir Allen has “perpetrated a massive fraud based on false promises” according to the SEC.

Instead, a substantial portion of the bank’s portfolio was invested in private equity and real estate, the SEC said.

Rose Romero, regional director at SEC, said: “We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world.”

The alleged fraud came to light when the SEC became concerned that SIB had some exposure to losses from the Madoff scheme.

Like the Madoff scandal, there are fears that losses will not only affect the super-rich, but ordinary investors all over the world.

The news is also an embarrassment to English cricket officials, who have received financial backing from the tycoon.