The Serious Fraud Office, having received complaints about the business activities of hedge fund manager Nicholas Levene, has now opened a formal criminal investigation. This follows complaints received by the police, with whom the SFO has been liaising.

Mr Levene voluntarily attended an interview under caution at the SFO last week and was released without charge pending further enquiries.

The enquiries are believed to relate to concerns of clients of the hedge fund manager who have contacted accountancy firm Deloitte.

A spokesman for Deloitte has told FT Adviser it is working to ascertain the number of creditors owed by Mr Levene and how much is owed.