NINE months ago swathes of Rangers supporters congregated on Edmiston Drive outside Ibrox Stadium prior to a Scottish Premier League match against Hearts.

They suddenly parted, burst into spontaneous and loud applause as the man they perceived to be the saviour, Craig Whyte, strode proudly through them towards the front door to take possession of the keys.

It was the morning after the night before; the evening he had finally become owner of one of Scotland's institutions, ending Sir Davd Murray's 23-year reign as custodian of the club and freeing Rangers from the clutches of the bank which had been running them with an iron fist.

However, today, in stark contrast from that afternoon of unbridled adulation, Mr Whyte now finds himself the focus of suspicious glances, at the centre of worrying aspersions about his motives and conduct and – more seriously than any of the rumours or whispering campaigns that have dominated his brief ownership to date– likely to find himself under investigation from powerful Government agencies as to the exact nuts and bolts of his acquisition.

The consequences could, if any wrongdoing is discovered, be massive for him and also for a football club that at the minute has foundations built on little more than quicksand.

This latest move from the club's former chairman, the Ohio-based Alastair Johnston, to report Mr Whyte to the Intelligence & Enforcement Directorate and demand an investigation into the whole purchase transaction in an effort to peel back the layers of this complex deal for the world – and most crucially the Rangers supporters – to see, hardly comes as a massive shock.

He has been at odds with the 40-year-old Motherwell-born venture capitalist from almost the moment his name emerged as a serious contender to replace Sir David at the helm, way back in November 2010.

Mr Johnston and the rest of the club's directors, from a very early stage, believed Mr Whyte lacked the one thing Rangers needed – serious money.

They questioned where he had come from and where his business background lay. This was borne out of a lack of any evidence as to where Mr Whyte's money could be. There was a myriad of companies, a chequered past, but little else. In business circles he was described as "a ghost".

The Independent Board set up to scrutinise any new owner on behalf of the club's minority shareholders and supporter fan-base around the world demanded proof of funding and, if truth be told, seriously doubted from the off that he would ever complete the takeover.

When he did, and they all signed their names to a last parting shot, a statement that urged the Rangers support to remain vigilant and hold Mr Whyte true to every promise, there was never going to be any future for them in his new world.

There was a night of the long knives. Mr Johnston was removed and he was followed by fellow director Paul Murray. The club's chief executive, Martin Bain, and the financial director, Donald McIntyre, were suspended, never to return. Mr Bain has an unfair dismissal case outstanding, Mr McIntyre has settled out of court.

Just last week, however, this war between old and new went to another level. It was reported that HMRC were now interviewing former directors over a deal which saw Mr Whyte mortgage off four years of the fans' season ticket money to a London-based finance company, Ticketus, raising just over £24m.

A transaction timetable was laid bare that had fans wondering where the cash had gone.

There was also a suggestion VAT remained unpaid – denied by Mr Whyte – thus prompting HMRC to start digging. That excavation is now, it seems, about to get larger. When pressed on where exactly the season ticket money has been spent, Mr Whyte has been unable to break it down.

His claim £33m was lodged in an account in November 2010 to fund the Rangers deal only provoked one question – if that money was there, why did a sum north of £24.4m need to be raised from Ticketus?

On Sunday, Mr Whyte met representatives of the club's supporters associations, who were mandated by members to demand clarity amid this fog of financial confusion.

The meeting was minuted, and these minutes are due to be made public. Mr Whyte claimed the Ticketus money had gone into Rangers' bank account, that he himself had paid £23m in cash into the same account, fulfilling his obligations laid out in the Share Purchase Agreement.

Now – and it would appear that the Government body are likely to follow up Mr Johnston's call for a thorough investigation – Mr Whyte's explanation and denial of any wrongdoing will either be proved, or it won't.

The ramifications of any mis-use of season ticket money could be staggering. For Whyte, and the support, that afternoon in May must today seem like a long way away.