Former French president Nicolas Sarkozy arrested over claim he received £42million in illegal payments from the late Libyan dictator Colonel Gaddafi

Former French president Nicolas Sarkozy is in police custody today accused of receiving £42million in illegal payments from the late Libyan dictator Colonel Gaddafi.

The 63-year-old was arrested by judicial police in Paris and taken to their headquarters in the suburb of Nanterre.

Sarkozy is said to have received the kickbacks in 2007, during the presidential election campaign that swept him to power for a single five-year term.

French law bans candidates from receiving cash payments above £6,300, but the massive donation is said to have been laundered through bank accounts in Panama and Switzerland.

Sarkozy is now under huge pressure to explain himself in the light of what his opponents called compelling evidence, and faces corruption charges over the next 48 hours.

A document made public in Paris is said to show that the French leader and the former Libyan dictator made an illegal financial deal.

A judicial source in Nanterre said: 'Mr Sarkozy can be held in custody for up to 48 hours. His period in custody started on Tuesday morning.'

Souce:Daily Mail