Albanian authorities have issued an arrest warrant for Leyton Orient's Italian owner Francesco Becchetti as part of a probe into laundering and fraud.

The 48-year-old and his mother, along with two business associates, are accused by Albanian prosecutors of offences relating to a hydroelectric scheme that was never built, which is said to have cost the eastern European government tens of millions of euros in grants and unpaid taxes.

The arrest warrant was issued on Monday for Becchetti, who made his fortune in waste disposal and recycling.

He could face up to 15 years in prison, according to reports.

Becchetti's assets could be seized in Albania, where he began investments in the 1990s following the fall of communism.

A Leyton Orient spokesman said: “We are waiting for confirmation from the chief executive of the club.

“We don’t know what country [Becchetti] is in, he spends most of his time in Italy."

It has been a turbulent 12 months for the O's under Becchetti's ownership, with the club onto its fifth manager since his arrival following last season’s relegation from League One.

Becchetti, who bought the 90 per cent stake in the club last July, has no interest in selling the club, according to club chief executive Alessandro Angelieri.

A further statement from Leyton Orient is expected later today.