Club director Dave Costin, aged 43, was arrested with his 37-year-old wife, Lisa, during raids by South Yorkshire Police Specialist Crime Services and Task Force officers.

Teams of officers targeted several business and residential addresses across the borough, resulting in the arrests.

The couple, who live at Haugh Green, Rawmarsh, have been released on police bail while inquiries continue.

Police have said the matter is not connected to Rotherham United Football Club.

Mr Costin, who runs a business called AFP Van Hire, based on Clough Road, Masbrough, has special responsibility for the Millmoor ground in his role as football club director.

But today he denied any wrongdoing.

He told The Star: "It's all a huge mistake on my part. I'm innocent and it's in the hands of my lawyers so I can't say any more at the moment.

"It's terrible this, you know. I suppose I will have to talk to the Rotherham United board about what's happening."

A South Yorkshire Police spokesman said: "Staff from South Yorkshire Police Specialist Crime Services, assisted by Task Force officers executed warrants at a number of residential and business addresses in the Rotherham area.

"As a result we can confirm a 43-year-old man and a 37-year-old woman have been arrested on suspicion of money-laundering.

"After being interviewed, both have been released on police bail to return on a date next year."

A spokesman for the club said: "The board of directors at Rotherham United has been assured by fellow director Dave Costin that the current police investigation into his personal affairs will prove groundless and that he is entirely innocent of any charges which may be brought."

Chairman Denis Coleman said: "We regard this as a private matter which is completely unrelated to the football club and are happy that Dave will continue to fulfill his role on the board of Rotherham United where he will have our 100 per cent backing."