A spokesman for Mr Mandaric, 69, said the Leicester City chairman would "continue to offer his full and total support to the police".
Police said the arrested men were aged 69, 60, 55, 48 and 30 and had been questioned over conspiracy to defraud and false accounting.
The 69-year-old was also held on suspicion of money laundering, a spokesman said.
http://news.bbc.co.uk/1/hi/uk/7118432.stm
Why would MM be questioned on suspicion of charges that all the rest were not.