The Daily Mail says Chimbonda, 28, was taken into custody on Monday on suspicion of conspiracy to defraud and bailed until October. The football investigative team who are part of the 150- strong economic crime unit of the City of London police carried out the questioning.
The unit, furnished with the findings of the Lord Stevens report that examined 362 transfers over a 15-month period, wanted to keep the arrest of Chimbonda private. Both Spurs and Chimbonda's previous club, Wigan, would make no comment yesterday - having received stern police warnings about possibly jeopardising further work on the case.
It is expected that the London police will now move quickly to make other arrests, including high profile Premiership footballers and well-known football personalities.
The questioning of France international Chimbonda, voted the Premiership's best right back in 2005-06, is understood to involve his transfer from French club Bastia to Wigan for £500,000 in July 2005 as well as his contract renegotiations six months later which contained a £1.5million get-out clause.
Wigan chairman Dave Whelan and chief executive Brenda Spencer were interviewed by City of London police before the swoop for Chimbonda although the Wigan administrative pair are in no way implicated in any wrongdoing.
Chimbonda's agent, Willie McKay, said: "I had a call from Pascal this morning and he told me he had answered some police questions, but it's nothing. They're scraping the barrel."