Craig Whyte and Charles Green arrested by police in Rangers investigation

Charles Green and his consortium completed their purchase of Rangers in May 2012

Former Rangers chief executive Charles Green and ex-owner Craig Whyte have been arrested as part of an investigation into the "alleged fraudulent acquisition" of the club in 2012.

Whyte, 44, took over at Rangers in May 2011. The club entered administration the following year.

He was arrested after he appeared at a police station in Glasgow by appointment on Tuesday evening.

Earlier, 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 outfit in 2012 after completing a purchase of Rangers' assets and business after it went into administration and liquidation earlier that year.

Former Rangers owner Craig Whyte has been arrested

He stepped down as chief executive in 2013.

A spokeswoman said: "Police Scotland can confirm a 62-year-old man has been arrested and is presently detained in police custody in connection with an ongoing investigation into the alleged fraudulent acquisition of Rangers FC in 2012.

"A report will be submitted to the procurator fiscal."

Earlier on Tuesday, a 50-year-old man was arrested in connection with the same investigation.

Ibrox Stadium

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 on Wednesday.