An arrest warrant is believed to have been issued for the former owner of Rangers following an investigation into the football club's sale in 2011.
The warrant for Craig Whyte, 43, is understood to have been issued after four other men were arrested in dawn raids on Friday.
Police Scotland detained two 50-year-olds and two men aged 53 and 49 as part of a joint operation with officers in England.
One of the men is accused of breaching the Companies Act, while three others allegedly attempted to pervert the course of justice.
They are expected to appear at Glasgow Sheriff Court on Monday.
A police statement said: "Following a Police Scotland operation, four men have been arrested and are presently detained in police custody in connection with the ongoing investigation into the alleged fraudulent acquisition of Rangers FC in 2011.
"Around 6am officers from Police Scotland, assisted by officers from Thames Valley, Cheshire Police and Surrey Police attended at a number of addresses in England and detained four men. They have now been arrested and are currently detained in police custody."
Mr Whyte, a venture capitalist, paid a nominal £1 for Rangers in May 2011, and pledged to settle its £18 million Lloyds Bank debt. Rangers entered administration nine months later in February 2012.Reuse content