Man arrested over Vic horse punting club

A man involved in the $194 million collapse of racing syndicate BC3 Thoroughbreds has been arrested in Melbourne.

Fraud and Extortion Squad detectives investigating a so-called punting club arrested high-profile racing identity Bill Vlahos on Friday.

BC3 Thoroughbreds collapsed after $194 million went missing from a bank account in 2013 and went into voluntary administration shortly after Mr Vlahos resigned from his position as chair.

Mr Vlahos, 50, also declared bankruptcy in December 2013 while he was embroiled in a separate multi-million dollar lawsuit over money missing from The Edge punting club.

Police have confirmed a 50-year-old man was released pending summons after being questioned on Friday afternoon but would not confirm he was Mr Vlahos.

BILL VLAHOS' SHADY PAST:

- declared bankruptcy in December 2013

- ordered to front a 2014 Stewards Victoria inquiry into BC3 Thoroughbreds but his lawyers said he was unable to give evidence

- barred from attending race meetings and betting on thoroughbred racing pending an inquiry into the purchase of Black Caviar's half brother

- charged by stewards with two counts of dishonest, corrupt, fraudulent, improper or dishonourable action or practice in connection with racing.