Former Rangers owner Craig Whyte and ex-chief executive Charles Green are due in court over the “alleged fraudulent acquisition” of the club in 2012.
Mr Green, 62, arrived at Livingston police station in West Lothian on Tuesday, where he was understood to have been interviewed by officers about his time at the Glasgow club.
The businessman took control at the Ibrox club in 2012 after completing a purchase of Rangers’ assets and business after it went into administration and liquidation earlier that year. He stepped down as chief executive in 2013.
Mr Whyte, 44, who took control of Rangers in 2011 before the club entered administration, attended a police station in Glasgow later in the day for questioning.
A Police Scotland spokesman said: “We can confirm a 44-year-old man has been arrested and is presently detained in police custody in connection with an ongoing investigation into an alleged fraudulent acquisition of Rangers FC in 2012.
“A report will be submitted to the procurator fiscal.”
An earlier police statement said a 62-year-old man had been arrested and detained over the same investigation.
A third man, understood to be former Rangers co-administrator David Whitehouse, was also arrested after being detained in England.
Police said in a statement: “Following a Police Scotland operation on Tuesday, a 50-year-old man has been arrested in connection with the ongoing investigation into the alleged fraudulent acquisition of Rangers FC in 2012.
“Around 6am officers from Police Scotland’s economic crime unit, assisted by officers from Cheshire, attended at an address in England and detained the 50-year-old man.
“He has now been arrested and is presently detained in police custody.”
All three men are expected to appear at Glasgow Sheriff Court today.