Bill Vlahos, the head of the ill-fated betting club The Edge, has been released pending summons after he was arrested early on Friday morning at his Torquay home.
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Vlahos' punting clubs collapsed sensationally 18 months ago leaving nearly $50 million in debts.
His case has been investigated by the Victorian fraud squad.
Many Australians lost their life savings in the punting syndicate.
It's now believed that Vlahos and his staff were not wagering on horses as they had privately advertised.
Huge money was won in the early days of the Vlahos syndicate but it soon turned nasty when participants tried valiantly to withdraw their money.
In an exclusive report, Fairfax Media revealed that Vlahos did not pay for the $5 million younger brother to Black Caviar.
The failure to pay Inglis Bloodstock was the beginning of the downfall of Vlahos' huge syndicate.
Racing Victoria officials will not act on Vlahos until the police case against the former businessman has been completed.
