The ex-Leeds United managing director was arrested in Dubai on charges of embezzling 23.7 million dirhams ($6.45m) from an investment bank he used to work for, the emirates police force said in a statement.
A police statement to the United Arab Emirates’ state news agency WAM said: “The company discovered the legal irregularities committed by Haigh when it conducted its annual internal accounting audit.”
Jinesh Patel, GFH Capital’s chief executive, said: “The issues that GFH has referred to the Dubai and UK authorities are unrelated to the purchase by Mr Massimo Cellino of a 75 per cent stake in Leeds United from GFH earlier this year.”
Haigh recently told friends that he was shocked and horrified’ at his arrest, which happened last Sunday (May 18).
A spokesman for David Haigh said: “Neither David nor his lawyer is aware of any such statement having been issued by the Dubai police.
“The fact remains that, despite his having been remanded in custody for ten days, not a single charge has been brought against David.
“He continues to cooperate with the investigating authorities in the knowledge that all allegations made against him by GFH are false.
“He knows he has done nothing wrong or illegal.”