The Serious Fraud Office is examining a con that took in Sven-Goran Eriksson and the North Korean government, BBC Panorama has learned.
Investigators are also looking at how the same conman stole a football club and broke a bank.
Convicted fraudster Russell King persuaded the former England manager to join Notts County FC as director of football and to visit North Korea.
Mr King denies any fraud and said he was just a consultant on the deals.
Mr Eriksson was appointed at Notts County in 2009 following a takeover that promised to bring millions of pounds of Middle Eastern investment.
"For me as a football man it was fantastic, building a club from the bottom of League Two and having the funding to do it, to be a Premier League club. It's like a dream, so I signed. Big mistake," he said of the deal.
Milk bill
The promised money never arrived and the club was left £7m in debt. Mr Eriksson says there were early signs that all was not as it seemed.
"I started to have doubts when they came and told me the milk bill has not been paid," he said.
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