Former Rangers owner Sir David Murray has denied any cheating took place during his stewardship of the club, reports BBC Sport.
The Scottish Premier League has set up an independent commission to examine alleged undisclosed player payments.
The commission will determine whether the Ibrox club breached SPL rules in relation to its employee benefit trust (EBT) payments and financial arrangements for players between 2001 and 2010.
If found guilty of breaching the SFA's and the SPL's rules, one possible sanction is the stripping of league titles won during the period under investigation, a punishment the club have said they would strenuously challenge.
"During my stewardship of Rangers no rules were breached or circumvented and I reject and resent any suggestion that anything was done which amounted to cheating," said Sir David via a statement.
"I cannot be anything other than angered at the suggestion Rangers should be stripped of titles or other competition victories.
"This suggestion is an insult to the staff and players who achieved these successes thanks to skill, hard work and commitment.
"It would appear that the SPL is once again seeking to invest itself with a power of retrospective penalty beyond that prescribed in its own rules.
"All accounts were fully audited and made available to all entitled parties. All football rules were complied with. All enquiries from entitled parties or organisations were answered.
"SPL rules variously required disclosure of all contract of service matters and all payments from a club to a player.
"It would now appear that these are to be rewritten to incorporate non-contractual loans from independent third parties and other non-contractual matters.
"If this is the case then press comment over the past few years would appear to indicate that several clubs other than Rangers may well have fallen foul of the soon to be changed historic laws.
"For the avoidance of doubt, many thousands of employees in many areas of business and commerce have benefited from EBTs.
"Rangers sought only to provide financial security for staff within the rules of law and football. To suggest that this amounted to cheating in the sporting context is an allegation which is without any foundation."