England cricketer Pietersen ‘target of £80million Madoff-style fraud'

England Test cricketers are believed to have been targeted by a suspected fraud gang in a "Bernie Madoff-style" scam.

Former captain Kevin Pietersen, who played in the historic Ashes victory over Australia at Lord's, was approached to invest in an £80 million get-rich-quick "Ponzi" scheme.

At least two other players are feared to have been caught up in the alleged massive fraud.

Suspected mastermind Kautilya Nandan Pruthi, 38, was arrested for a second time by police yesterday. Pruthi was held a short distance from the rented Knightsbridge office where he is accused of orchestrating the fraud.

City of London detectives held him on suspicion of money laundering offences. Officers also seized his high-powered £12,000 motorcycle as they continue to try to trace a huge amount of missing money.

Investigators suspect Pruthi used his company, Business Consulting International, to con more than 600 investors from around the world.

They believe he ran a bogus high-yield fund, supported by investment consultants John Anderson, 43, and Kenneth Peacock, 40, both of Virginia Water, Surrey.

Police say the suspected Ponzi fraud, similar to the one used by disgraced Wall Street broker Bernard Madoff, could be one of the biggest ever detected in Britain.

The alleged BCI con offered clients returns of up to 13 per cent a month as it claimed to lend the money to "distressed" businesses in need of short-term cash.

Some of the deposited money was returned, encouraging others to join, but the vast majority disappeared. Among those left out of pocket by the scheme are high-profile businessmen, sports personalities and celebrities.

Many were introduced to the scheme by family members, friends and business associates they met at sports clubs and West End bars.

South African-born Pietersen's spokesman Adam Wheatley confirmed the 29-year-old England and Hampshire batsman, had been approached but turned down the offer.

He said: "Fortunately Kevin Pietersen has not lost a penny, neither has his family. He was approached by a couple of people. Two years ago someone came up with a scheme. It came through originally to Kevin. He said what do you think of this?' It seemed too good to be true."

Officers want to track down the missing money, some of which may be held in accounts in Dubai, the Cayman Islands and Thailand.

They have seized assets worth about £1 million, including jewellery and watches, as well as £250,000 cash.

Last week police seized an £800,000 stable of eight prestige cars including a Lamborghini, two Ferraris and several Bentleys from a West Sussex
dealership.