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15 November 2014, 08:02
It is alleged David Whitehouse, Paul Clark and David Grier, who all work for former Rangers administrators Duff and Phelps and lawyer Gary Withey, who was Rangers' company secretary after the takeover, were involved in a fraudulent scheme to acquire the club.
One of the men is also accused of breaching the Companies Act, while three allegedly attempted to pervert the course of justice.
They are expected to appear at Glasgow Sheriff Court on Monday.
A police statement on Friday read: ``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.''
It is understood an arrest warrant was issued on Friday for former Rangers owner Craig Whyte, 43, in connection with the investigation.
Mr Whyte took control of Rangers in May 2011 but the club went into administration in February the following year.