Metropolitan Police chief Sir Bernard Hogan-Howe will be forced to leave his post when full details of Operation Midland are revealed, according to a former Tory MP questioned under the controversial inquiry.
Harvey Proctor was interviewed twice under caution by detectives investigating claims of an alleged VIP paedophile ring in Westminster but furiously denied any involvement.
The 69-year-old said an independent review into how abuse claims against public figures were conducted by Met officers was a "PR campaign".
He said Sir Richard Henriques, who is leading the review, had been thrown a "fast ball" by Sir Bernard and the former High Court judge should resign before his investigation starts.
Speaking to Iain Dale on LBC Radio, Mr Proctor said: "It is not an independent inquiry. The commissioner has appointed his own inquiry, he has appointed his own judge - or retired judge - he has set out his own terms of reference for the inquiry.
"This inquiry is a personal fluff for the commissioner and as such, it should be paid out of his own £288,000 salary.
"If Sir Bernard wants this inquiry, without discussing it with anyone else, he should pay for it himself."
Mr Proctor said it was the responsibility of Home Secretary Theresa May to announce an inquiry into "all aspects" of Operation Midland.
"This inquiry is all to do with the personal position of the chief officers of the Metropolitan Police, including Sir Bernard, and not in terms of justice," he said.
"This is to do with Sir Bernard's personal position. He wants renewal of contract."
Mr Proctor said he had received a letter saying Operation Midland was still ongoing and he believed Mr Hogan-Howe's position had become increasingly untenable.
He added: "If the Home Secretary was so irrational as to give him a one or two year extension of his contract then I do not believe he will serve his full term. He will resign or be sacked when the full details of this inquiry come out in a proper investigation, not one done for his personal benefit."
Operation Midland centred on claims that sex parties were held at the exclusive Dolphin Square apartment block near the Houses of Parliament.
Allegations by a man known as "Nick" were also made involving claims of the murder of three young boys. At the time a detective described Nick's account as "credible and true".
Mr Proctor staged a press conference in August in which he laid out graphic details of the claims made against him and revealed former prime minister Sir Edward Heath and ex-home secretary Leon Brittan had been named among his "alleged co-conspirators".
He insisted he was "completely innocent of all these allegations", adding: "I'm a homosexual. I'm not a murderer. I'm not a paedophile or pederast."
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