The Crown Office has instructed Strathclyde Police to conduct a criminal investigation into the acquisition of Rangers Football Club in May last year and the subsequent financial management of the club.
It said the investigation into "alleged criminality" follows a preliminary police examination of information passed to it in February this year by the club's administrators.
The Crown Office said the Procurator Fiscal for the West of Scotland will now work with Strathclyde Police to "fully investigate" the acquisition and financial management of Rangers Football Club and any related reports of "alleged criminality" during that process.
The Glasgow club went into administration on 14 February and were consigned to liquidation earlier this month.
The investigation will focus on Craig Whyte's takeover of the Ibrox side. He bought an 85% shareholding in Rangers for £1 from the Murray Group and made several pledges of investment and paying off the club's bank debt.
The club was forced into administration following court action from HM Revenue and Customs.
Immediately after being appointed, administrators Duff and Phelps announced that the club had failed to pay about £9 million in PAYE and VAT since the takeover.
They soon revealed that the club paid off Lloyds Banking Group from a £24.4m capital injection from investment firm Ticketus, secured on the back of future season ticket sales.
The debt to HMRC was most recently listed at more than £21m in the failed company voluntary arrangement proposal to creditors.