A WARRANT has been issued for the arrest of disgraced former Rangers owner Craig Whyte after four men were detained by police over his alleged fraudulent takeover of the club.
Three of the four held are David Grier, Paul Clark and David Whitehouse from Duff and Phelps.
The company was appointed administrator after the business fell into insolvency under the calamitous reign of Mr Whyte between May 6, 2011 and February 14, 2012.
The fourth man held, Gary Withey, worked for law firm Collier Bristow. The firm represented Craig Whyte before he bought Rangers from Sir David Murray for £1 in 2011.
Out of five originally identified in a report to the Crown Office over the Rangers investigation, Mr Whyte is the only one that has not so far been detained.
It is understood he is currently out of the country.
The arrests and warrant are the latest twist in a criminal investigation that has lasted over two years and four months, ordered by the Crown Office.
Mr Whyte is alleged to have struck a deal to complete purchase of the club by selling off the rights to three years of Rangers season tickets to London-based agency Ticketus to raise £24 million.
Most of that was used to pay off the club's £18m debt with Lloyds Banking Group, a condition of the club sale.
The four men were held during early-morning raids at addresses across the UK,
The operation involved officers from Police Scotland, Surrey Police, Cheshire Police and Thames Valley Police.
Mr Grier is a managing director in the London office of Duff and Phelps, the company which was at the centre of an alleged misconduct and conflict of interest probe by the Insolvency Practitioners Association over its appointment.
In June 2012 the IPA cleared Duff and Phelps after a "thorough investigation" which concluded the company had "complied with the relevant guidance."
The former Rangers administrators said the trio were detained for questioning over work carried out while they were employees of MCR Partners before its takeover by Duff and Phelps in October, 2011.
Marty Dauer, spokeswoman for Duff and Phelps, said: "We believe that our work for Rangers was conscientious, thorough, and properly performed in every respect."
A Police Scotland spokesman said: "Following a Police Scotland operation on Friday November 14, four men have been detained as a result of the ongoing investigation into the alleged fraudulent acquisition of Rangers Football Club.
"At around 6am, officers from Police Scotland, assisted by officers from Thames Valley, Cheshire Police and Surrey Police, attended a number of addresses in England and detained four men."
Rangers manager Ally McCoist said of the development: "Obviously I can't or wouldn't comment on a current police matter, but I would have to say I'm shocked.
"Obviously I can't pre-judge what is going to happen.
"Our concern has always been for the staff and supporters.
"What's happened to us in the last two-and-a-half or three years has been very tough, particularly on the staff and supporters.
"We just want to continue with out attempts to get the club back to where we feel we belong."
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