Former French President Nikolas Sarkozy was was placed under formal investigation for accepting illegal campaing funds from Libya. (Photo: Reuters)

Paris (People’s Daily) - Former French President Nicolas Sarkozy was arrested and placed under formal investigation on Wednesday over allegations of accepting illegal campaign funds from Libya, reported French media.

Wednesday night Sarkozy was taken into custody and formally charged with “passive bribery, illegal financing of election campaign and concealment of Libyan public funds.”

The former French president was seen leaving the Central Office for the fight against Corruption and Financial and Tax Offenses (OCLCIFF) in Nanterre around 8 pm.

Sarkozy later returned home where he lives in Paris’ 16th Arrondissement after being held in custody for 26 hours where he repeatedly denied allegations of accepting illegal campaign financing from Libya.

An investigation into Sarkozy was first launched in 2013 for embezzlement and bribery and then last year included alleged "illegal campaign financing.”

Several former Libyan officials along with French-Lebanese intermediary Ziad Takieddine have claimed that Sarzkozy did in fact receive illegal campaign funding.

Meanwhile, Sarkozy, along with several of his relatives, continue to reject the accusations that he received millions of euros from the late Libyan leader Muammar Gaddafi.