Redknapp, along with four others, has since been released on bail after being held for most of the day at
The other men arrested are belived to be Portsmouth Chief Executive Peter Storrie, former Portsmouth Chairman Milan Mandaric, football agent Willie Mackay and Charlton midfielder Amdy Faye.
Upon being released Redknapp declared his innocence saying, "We all helped the police with their inquiries, but it doesn't directly concern me, its other people involved.
"I've been answering questions to help the police. I am not directly concerned with their inquiries."
Redknapp was the bookies' favourite to be the next