Fraud probe into City financier

Proceedings have been issued against Mr Levene at the High Court

The Serious Fraud Office has launched a criminal inquiry into City financier Nicholas Levene.

The SFO said it had received complaints about the business activities of the 45-year-old derivatives expert, who was recently declared bankrupt.

High Court writs against him demand repayment of more than £20m in alleged gambling debts and trading profits.

Among those making claims are transport firm Stagecoach founders Brian Souter and Ann Gloag and bookmaker IG Index.

The SFO said it has opened a full inquiry following complaints from Scotland Yard.

In a statement it added: "A 45-year old man voluntarily attended an interview under caution at the SFO on October 15 2009 and was released without charge pending further inquiries."

Mr Levene, from High Barnet, north London, recently quit the board of east London football club Leyton Orient, where he was vice-chairman.

Insolvency experts at Deloitte say they are looking into Mr Levene's assets and debts.