First arrest in football bungs investigation

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The development was revealed today as it emerged Lord Stevens's inquiry into illicit payments in football had found "serious breaches" of transfer market regulations.

The arrest of a 61-year-old man was made by detectives from the City of London police's economic crime department.

A City police spokeswoman said: "A man was arrested on 23 May on suspicion of money laundering in connection with the football corruption inquiry." The man, who has not been named, was bailed until October.

Detectives are believed to be examining details of up to 17 transfer deals involving alleged breaches of the rules. Lord Stevens's findings were delivered to Premier League chief executive Richard Scudamore last Friday.

Lord Stevens, the former head of Scotland Yard, has also passed details of his 15-month inquiry to the City force. Other fraud agencies are believed to be examining the findings. City police sources said the inquiry had reached a "highly sensitive" stage but refused to comment further. Today it also emerged Lord Stevens's private investigation team is considering widening the remit of the inquiry because of broader concerns over breaches of transfer rules.

The Stevens report has refused to "sign off " as satisfactory 17 transfers involving a number of Premiership clubs.

These transfers were revealed to be under scrutiny after his interim report in December last year. Some could result in criminal proceedings.

The City of London police launched their own investigation last year following allegations against a well-known football agent. Police inquiries are understood to involve a number of foreign players and deals arranged overseas.

After initially investigating 362 transfers over a 25-month period, Lord Stevens's team - the Quest investigative consultancy - whittled that number down first to 39 deals involving eight unnamed clubs, then to 17 transfers in December. At that stage Lord Stevens refused to indicate how many clubs were still implicated.