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A MAJOR STAKEHOLDER in Glasgow Rangers FC is under criminal investigation by HM Revenue & Customs over tax schemes he allegedly provided.

HMRC are probing 17 firms set up by Richard Hughes, who is co-founder of Zeus Capital, the finance company at the centre of the club takeover, reports the The Times.

Hughes set up the firms through Zeus Partners, which created and marketed a £134m film investment scheme that HMRC suspects could be part of an attempt to generate millions in tax relief.

A spokesman for Zeus Partners said: “Zeus Partners provided a number of high-risk investment opportunities backing highly successful entrepreneurs with a proven track record.

“Individual investors had the option of claiming HMRC statutory relief in the event the investments were unsuccessful.

“We are aware there is an HMRC investigation into these and other investments under way. Zeus Partners is co-operating fully.”