30 million ponzi

Former Coventry City and Wolverhampton Wanderers player Michael McIndoe faced a barrage of questions from ex-friends who claim they are owed tens of thousands of pounds after his investment scheme went bust.

The 35-year-old, from Edinburgh, who was also capped twice for the Scotland B team, claimed at the London bankruptcy court that he had no money or bank accounts.

It came despite the fact he had lived lavish lifestyle with multiple properties, expensive cars and running a nightclub in the UK capital, the hearing was told.

He threw wild parties and promised riches to team-mates and businessman. One is reported to have lost £1 million.

Creditors claim that Mr McIndoe ran a 'Ponzi' scheme sucking in funds from friends and fellow professionals that he then used to fund a millionaire's lifestyle.

Former Premier League players Jimmy Bullard, who recently appeared on the TV show I'm A Celebrity..get me out of here! and Robbie Keane are thought to have lost more than £500,000 each.

Around 100 footballers from the English Premier League to the lower leagues are believed to have invested in the scheme.

Mr McIndoe was made bankrupt in October last year with disclosed debts of £3 million.

He told the London bankruptcy court that he had no income and was living off £13,900 surplus from the sale of his mother's house but £6,000 of that had been given to his girlfriend.

"That money has been running thin of late so I have been getting help from friends and family," he said.

He added that he was not working and was living with his mother in Edinburgh or staying with a friend in London.

After the hearing, Mr McIndoe faced accusations from creditors that he had been in hiding for 10 months and had not responded to their questions about repayment. He held meetings with three of them but declined to comment.

"I have nothing to say, I cannot comment about this," he said.

The hearing was adjourned until March 25 and he must attend a meeting with the bankruptcy trustee later this month.

Reports have previously claimed that once investigations are complete, the level of debt reached by the former player could be more than £25 million.

In a recent interview, insolvency adviser Stephen O'Hara reporedly described the circumstances as a 'car crash.'

Mr O'Hara is said to have claimed they had problems finding out where he lived as they tried to recover the money.

He revealed they had a court order to interview him, but were unable to save it on him due to a lack of information about his whereabouts.

Bullard reportedly signed up for I'm A Celebrity...Get Me Out of Here with his appearance recouping some of the money he had lost.

Irish international Keane played for Celtic in 2010 on a loan deal. He wore the No.7 shirt donned by club heroes Jimmy Johnstone and Henrik Larsson.

Some reports suggested that McIndoe was living in a £2.8m apartment in one of London's most prestigious addresses, Eaton Square.

Prior to moving into the flat with his model girlfriend, Mr McIndoe, who owned a Bentley, reportedly lived in a five star hotel in the capital.