Investigations into the case of alleged fraud involving a former Premier League Footballer who lost £3.9million to the Kingsway International Christian Centre (KICC), owned by Matthew Ashimolowo have opened by the City of London Police.

According to the UK Guardian, ex Charlton Athletic player, Richard Rufus, lost the money in a “disastrous investment scheme”.

The criminal investigation follows a Charity Commission report into “mismanagement” at the church, which invested £5million with Rufus.

Rufus, who is a member of KICC, was indicted in 2015 by a civil court judge, for operating a ponzi-style scheme between 2007 and 2011.

The report also claimed the church collected £5.8million from its members in 2015.

In 2009 and 2010, KICC’s trustees reportedly agreed to give Rufus £5million to invest, after he promised them returns of 55% a year.

“Detectives from City of London police’s fraud teams are investigating,” a police spokesman confirmed.

No arrests have been made yet.

KICC issued a statement last month denying Ashimolowo’s involvement in the deal.