Michael McIndoe scandal: Sixty players contacted over investment scheme linked to former Wolves player

Sources close to the investigation say letters have been sent to stars offering support from the body.

The Express & Star previously revealed 50 professionals have been interviewed by Scotland Yard as part of a fraud investigation.

A source said: "It has taken some time but at last the PFA is taking some action and contacting its members.

"It has asked them to confirm whether they invested in the scheme as well as offering any help they may need.

"Around sixty potential investors have been contacted."

The PFA has failed to respond to inquiries from the Express & Star over the past month.

At least five Wolves stars are owed £2.6 million by McIndoe who squandered millions on gambling, lavish parties and failed business ventures, leaving up to 100 footballers £30m out of pocket.

The players include household Premier League names and international stars down to those in the lower leagues."

It was previously revealed that 17 men are owed nearly £3.5m according to a list prepared for the official receiver of McIndoe's bankrupt estate.

They include former Molineux goalkeeper Matt Murray who is reputedly owed £1.6m. Former Walsall midfielder David McDermott lost around £140,000.

Scottish-born winger McIndoe also owes Wolves keeper Carl Ikeme £290,000, former striker Freddy Eastwood £275,000 and ex-forward Andy Keogh £67,000.

A source close to the club said a consortium of Wolves players gave McIndoe, aged 36, more than a million pounds in cash in a single payment into his scheme in 2011.

There is no suggestion that any of those paying money into the scheme were anything other than genuine investors.

Mr McDermott told how he was flown out to a luxury resort in Marbella where he partied with models for a month in the sun and how McIndoe's bar bill totalled 38,000 euros for a single day's drinking.

He said: "He was very good and made you feel like one of his best friends.

"As young men in our early 20s we thought we were living the dream. I was playing for York at the time so the money was obviously nothing like I was experiencing.

"Because he was treating us to this incredible life, he made us feel like we owed him something.

"So I gave him some money to invest, as did my friend who took out a loan, and my dad invested some money too. We saw that others were getting their money back and we took his word as gospel."

He added: "We were then suddenly told that the payments would stop."

Footballers were attracted to McIndoe's scheme that promised 20 per cent interest per month on investments. News of the scheme spread throughout the football world and initially players received their payments. It was at its height during 2010 but by the end of 2011 the money dried up and the payments stopped during the same season Wolves were relegated from the Premier League.

At a bankruptcy hearing at the Royal Courts Of Justice lawyers employed to protect creditors' interests and help gather money owed questioned the ex-player. They indicated that he had been loaned money to invest in companies.

One loan had been for £2.5m – of which £1 million had been handed over in cash, the court heard. The judge, Registrar Nicholas Briggs, said more inquiries were needed. He said he was satisfied that Mr McIndoe was co-operating with inquiries.

Another hearing could take place later this year.