Agricultural Bank of China President Zhang Yun was taken away to assist authorities with an investigation, the Financial Times reported Monday, citing local media reports from Sina Finance and QQ Finance.
According to the report, the people did not give details on what the probe concerns or the name of the authority conducting it.
Assisting with an investigation doesn't mean Zhang is accused of wrongdoing.
Chinese authorities have been trying to clamp down on market manipulation after the country's stock market slumped sharply in the summer.
The manager of the Zexi Investment, one of China's largest private money managers, was detained by police Sunday, according to state-owned Xinhua news agency. The fund's website is inaccessible and appears to be crippled.
The FT report can be found here.