London, Feb. 28 : Texas billionaire Sir Allen Stanford has placed himself in more hot water after being accused of carrying out a "massive Ponzi scheme" over at least a decade and misappropriating at least 1.6 billion dollars of investors' money.

Sports promoter Stanford, 58, stands accused along with his former university roommate James Davis.

Washington, Feb. 20: Texan cricket tycoon Sir Allen Stanford is being investigated by the Federal Bureau of Investigation over a suspicion that he ran a form of ponzi scheme through his Stanford International Bank.

Stanford, who is currently being investigated for a 6.4 billion pound fraud, could face criminal fraud charges, US law enforcement sources said.

Federal prosecutors are expected to probe whether his bank was involved in a Ponzi scheme, in which money from new investors who used to pay high returns to older investors, The Telegraph reports.

New York, Feb. 20 : Texan billionaire Sir Allen Stanford was in the process of launching an investment-related business in the United Kingdom when he was charged with committing an eight billion dollar fraud by US authorities.

Documents seen by The Daily Telegraph suggest that Stanford was preparing to open a UK base for his sprawling financial empire, which he purports spanned investors in more than 140 countries.

FBI agents tracked down Sir Allen in Virginia, whom US federal prosecutors are investigating for operating an alleged Ponzi scheme that defrauded investors around the globe.

New York, Feb. 20 : Sir Allen Stanford, the Texan cricket tycoon accused of orchestrating an eight billion dollar investment fund fraud, has handed himself over to the FBI.

After a fruitless two-day manhunt, the financier arranged to meet FBI agents in a car in Stafford County, near Fredericksburgh, in the US state of Virginia, 50 miles south of Washington D. C.

The agents served Sir Allen with bundles of legal documents detailing the fraud allegations, plus court papers containing restrictions on his various companies.