Retired Greek international Thomas Mavros was arrested on Wednesday for running up debts to the state from the time when he was president of his former club AEK.
The 59-year-old former striker took over the financially-troubled Athens team in the summer of 2012.
But he left that October after pressure from fans and board members as a result of poor results which led to the sides first relegation in their 90-year-history.
After AEK's liquidation last year triggering the club's demotion to the amateur third division, state officials sought administrators of the team to pay off debts.
Mavros will remain in custody until he appears on Thursday before an investigator.
"I am accused of something that I have no blame for. I just wanted to help AEK. I have no regrets,» Mavros said in an interview with NovaSport FM radio station.
Mavros played for Greece 36 times, scoring 11 goals from 1972 to 1984.
At club level he played for AEK (1976-1987) and Panionios (1970-1976 and 1987-1991) and holds the record for most goals in the Greek first division, 260 in 501 matches.
AEK, formed in 1924 by refugees from the former Constantinople, has a long history of success, with its list of honors including 11 league titles and 14 Greek Cups.
But finances have been mismanaged in recent years and they are some 40 million euros in debt.