His arms out-stretched in a hero pose, former international footballer Michael McIndoe milks the adulation as a spray of champagne washes over him. The 35-year-old wasn't celebrating a cup triumph but the millions flowing through his accounts from an alleged £30million investment scheme that snared a string of top-flight players. Pictures have now emerged of McIndoe in 2011 - at the height of his scheme - surrounded by beautiful women and empty champagne bottles as he revelled in a millionaire playboy's lifestyle in Marbella with a limitless credit card and wads of cash. Former Wolves and  Coventry player Michael McIndoe celebrates in Marbella during the height of his scheme . A member of staff at the beach bar lifts a Methuselah champagne bottle out of an ice bucket . Another former footballer revealed that McIndoe had spent £40,000 on champagne in one day . McIndoe (second from the right) parties in Marbella using money earned from the elaborate scheme . McIndoe started out at Luton Town, making his debut in 1998 and playing for the Hatters 39 times before joining Hereford on a free in 2000. Yeovil then took advantage of the Bulls' financial plight and snapped him up for £25,000 the following year. He scored 22 goals in 91 outings for the Glovers, winning promotion from the Conference in 2003 before joining Doncaster for £50,000. McIndoe twice made the PFA Team of the Year with Rovers and was his side's joint-top scorer in 2004-05 with 12 goals. He twice represented the Scotland B side during his time at Rovers. After a loan spell at Derby he joined Barnsley then Wolves, on loan again, before the deal was made permanent for £250,000. He signed a three-year contract with Bristol City in 2007 and scored the winner against Crystal Palace in the second leg of the 2008 Championship play-off semi-final. They lost out to Hull at Wembley and McIndoe had one more season at Ashton Gate before joining Coventry. He also had a brief loan stint at MK Dons. But the former Wolves and Coventry midfielder, who is accused of persuading 300 stars including Jimmy Bullard as well as a string of lower league players to invest with him, is now being investigated by police. He was forced into a bankruptcy court with debts approaching £3m earlier this month where he claimed to be penniless and living on the charity of friends and family. The Metropolitan Police are investigating and have started quizzing victims and associates. 'He was the Mr Big in Marbella, buying loads of champagne and girls all over the place. He even had a bodyguard,' said one footballer, who lost around £75,000 in the scheme, which promised a 20 per cent return on investments. McIndoe, from Edinburgh, hired pop star Alexandra Burke to perform at a party and invested in a private members club, in London. But it was in Marbella that McIndoe indulged the lavish lifestyle - shown in these exclusive photos - he could not afford as his playing career ended in non-league football. He hired a modernist £2m mansion for £27,000-a-week for a three-week holiday spree and spent £40,000 on champagne in one day at a beach club party. Friends had bottles of champagne and vodka at their tables whenever they went to nightclubs. McIndoe celebrates scoring for Doncaster against Arsenal in the League Cup in 2005 . McIndoe with the girlfriend Emma Frain during one of his holidays in Spain . McIndoe used the promise of 20 per cent returns on people's money to fund his champagne lifestyle . The former Scotland B player rented a £27,000-a-week mansion for a three-week holiday in Spain . 'There were lots of girls and lots of drink,' said the player, who had been befriended by McIndoe when he was a young apprentice at the same club. 'He was spending money like you've never seen before.' McIndoe was photographed lounging on a white sofa with his then girlfriend, model Emma Frain, and smoking a huge cigar while surrounded by friends as he bankrolled their luxury holidays. The player added that McIndoe targeted fellow professionals and businessmen football supporters and initially gave them the 20 per cent return paid monthly in cash. The scheme sucked in around 300 players and the former QPR and Hull star Bullard is thought to have lost around £600,000 which prompted him to go on the ITV reality show, I'm A Celebrity Get Me Out of Here. He told original investors to get other 'clients' involved and they would be rewarded. McIndoe and his friends at the Ocean Club in Marbella where 'beds' can cost up to 7,950 euros (£5,790) More than 60 bottles of Veuve Cliquot Champagne stand empty at a party funded by McIndoe in Marbella . Large bottles of the expensive Dom Perignon champagne are buried into an ice bucket . Jimmy Bullard (pictured here in 2011) was one of the investors, and is thought to have lost around £600,000 . McIndoe lived at the five-star Mayfair Hotel, paying £4,000 a week for a suite, and also rented a Belgravia apartment for an upfront £150,000 annual fee, it is alleged. He ran glitzy parties at celebrity nightclubs including Funky Buddha, in London, and drove around in a Bentley and a Maybach. He was reportedly gambling heavily before the scheme crashed and is said to have run through £1m on bets with one bookmaker in a year. 'He had the gift of the gab but was very cagey about the scheme, saying the money was in property, gold or City investments,' added the player, who declined to be named. 'People were convinced when they saw him paying out but then he suddenly closed the scheme down. He kept telling me to wait and that I would be a wealthy man.' McIndoe celebrates sinking Crystal Palace to reach Wembley in 2008 . But he was consoled by Wayne Brown after Bristol City lost the 2008 Championship Play-off final to Hull . Another person to have been caught out by the former Scotland B international was glamour model Georgia Eden, who was one of 30 women hired to attend club nights organised by McIndoe. In total, McIndoe was due to pay the model agency who organised the women £12,000, but the money never materialised. Speaking to the Daily Record, Eden said: 'We were asked to mingle around and talk to guests in the club. The organisers said they were really pleased with what we had done and we were told we would be paid within 30 days. Georgia Eden was one of 30 models hired to attend a event put on at a club by McIndoe . But Eden, along with her colleagues, was never paid for her work with the agency said to be owed £12,000 . McIndoe (right) in action playing for his former club Wolves against West Bromwich Albion in 2007 . 'That date came and went and a lot of excuses were made to the agency. 'To have that amount of girls booked for one job was a really big deal so it was a big let down to not be paid for the work we had done.' McIndoe was made bankrupt in October last year with disclosed debts of £2.4m. He told the London bankruptcy court this month that he had no income and was living off £13,900 surplus from the sale of his mother's house but £6,000 of that had been given to his girlfriend, who lives in Epping, Essex. 'That money has been running thin of late so I have been getting help from friends and family,' he told the hearing. He added that he was not working and was living with his mother in Edinburgh or staying with a friend in London. After the hearing, he faced accusations from creditors that he had not responded to their questions about repayment. 'I have nothing to say, I cannot comment about this,' he said. The hearing was adjourned until March 25 and he must attend a meeting with the bankruptcy trustee later this month. Sorry we are not currently accepting comments on this article.
Michael McIndoe convinced footballers to take part in investment scheme . Investors in the scheme reportedly lost a combined £30million . Former Wolves and Coventry midfielder spent money on a lavish lifestyle . Pictures have emerged of McIndoe's lifestyle from height of the scheme . McIndoe later declared bankruptcy and is now supported by his family . I'm a Celebrity star Jimmy Bullard thought to have lost £600,000 .