The owner Birmingham City Football Club, Carson Yeung, has been arrested and charged with five counts of money laundering involving £59million, the South China Morning Post has said.
According to the report, Yeung appeared in court in Hong Kong to face five counts of "dealing with property known or believed to represent proceeds of an indictable offence".
The charges relate to offences alleged to have occurred between 2001 and 2007, according to prosecutors.
Yeung was released on bail of £558,000 until the next hearing which is scheduled for August 11, the report said.