The Crown Office have announced that it has instructed Strathclyde Police to conduct a criminal investigation into Craig Whyte's acquisition of Rangers in 2011.
Whyte completed the purchase of the Gers from Sir David Murray in May 2011 for £1, with his holding company Liberty Capital taking on the club's debt.
However, investigations into Whyte's acquiring of the club have unearthed some potential criminal activity.
"The investigation into alleged criminality follows a preliminary police examination of information passed to them in February this year by the club administrators," read a statement from the Crown Office.
"The Procurator Fiscal for the West of Scotland will now work with Strathclyde Police to fully investigate the acquisition and financial management of Rangers Football Club and any related reports of alleged criminality during that process."
The process is expected to last several days.
