The head of the Ghana Football Association (GFA) Kwesi Nyantakyi arrived back in the country on Wednesday from Morocco to face an investigation ordered by President Nana Akufo-Addo.
Nyantakyi, who is also the first vice-president at the Confederation of African Football and a Fifa Council member, is accused of fraudulently using the president's name.
As soon as he arrived back in Ghana on Wednesday he voluntarily went to the police in order to begin answering questions.
The GFA boss has been caught on video using the name of the president and other senior government officials to induce "potential investors" to part with money.
The association and Nyantakyi had not responded to the allegations by Wednesday.
Football's world governing body says that it "is closely following this matter and gathering additional information. Please understand we cannot comment further at this stage."
The Criminal Investigation Department (CID) of the Ghanain police has released a statement saying it will be carrying out the investigation into "alleged offences including corruption."
"Any person with relevant information may submit it to the police CID headquarters."
The video was recorded by investigative journalist Anas Aremeyaw Anas and is due to be broadcast on June 6.
"The president after consultations is fully satisfied that a prima facie basis has been established for criminal investigations to be launched into the conduct of the president of the football association," Akufo-Addo's deputy chief of staff Samuel Abu Jinapor said.
Anas reported on alleged corrupt practices among the Ghanaian judiciary in 2015 that led to the suspension and in some cases dismissal of some judges.