MILLIONAIRE businessman Arron Banks has joked that he is "terrified" after being named in an investigation into EU Referendum donations and links to Russia.

The ex-UKIP donor, who made his fortune in insurance, and owns the Old Down Estate in Tockington, will be included as part of the investigation into whether or not Better for the Country Limited (BFTCL), of which he is a registered director, breached campaign finance rules.

Labour MP Ben Bradshaw, who previously raised concerns about openDemocracy reports on the role of "dark money" in the referendum and Mr Banks's "real wealth", linked the announcement to the US investigation into Russia and President Donald Trump.

Mr Banks has since responded by saying the claims are "complete bollocks".

The Electoral Commission, which launched the investigation yesterday, said that BFTCL had made a total of £2.3million in donations to campaigners ahead of 2016’s referendum, while Mr Banks gave three loans to Leave.EU, totalling £6million.

The investigation is set to look into:

  • Whether or not BFTCL was the true source of donations made to referendum campaigners in its name, or if it was acting as an agent.
  • Whether the recipients of its donations were given the information required by PPERA in respect of the donor.
  • What steps the recipients took to verify the identity and permissibility of BFTCL as a donor.
  • Whether or not Mr Banks was the true source of loans reported by a referendum campaigner in his name.
  • Whether those individuals and entities involved in that arrangement acted in accordance with PPERA.
  • Whether any individual facilitated a transaction with a non-qualifying person.

Bob Posner, director of political finance and regulation, and legal counsel, said: “Interest in the funding of the EU referendum campaigns remains widespread.

“Questions over the legitimacy of funding provided to campaigners at the referendum risks causing harm to voters’ confidence.

“It is therefore in the public interest that the Electoral Commission seeks to ascertain whether or not impermissible donations were given to referendum campaigners and if any other related offences have taken place.”

Responding to the claims of Russian interferance in a statement, Mr Banks said: "The Leave.EU campaign was funded by myself, Peter Hargreaves and the general public.

"The Guardian allegations of Brexit being funded by the Russians and propagated by Ben Bradshaw are complete bollocks.

"My sole involvement with the 'Russians' was a boozy six-hour lunch with the ambassador where we drank the place dry (they have some cracking vodka and brandy).

"Turning to the investigation, we believe that a judge-led inquiry reporting to Parliament that investigates the main campaign groups, Vote Leave, Remain, and Leave.EU would be the best way to clear this nonsense up once and for all.

"The Remain 'Electoral Commission' isn't up to the job and consists of political place men from all main parties."

He has since taken to Twitter to contest the claims.