Peter Mandelson's arrest was triggered by a "baseless suggestion" he was planning to leave the country, his lawyers have said.
The UK's former ambassador to the US was arrested on suspicion of misconduct in public office yesterday and later released on bail.
He has been accused of passing on information to paedophile financier Jeffrey Epstein when he was business secretary.
The allegations relating to Lord Mandelson surfaced following the US Department of Justice’s document dump related to Epstein last month.
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The ex-Labour minister's lawyers, Mishcon de Reya, said in a statement issued this evening: “Peter Mandelson was arrested yesterday despite an agreement with the police that he would attend an interview next month on a voluntary basis.
“The arrest was prompted by a baseless suggestion that he was planning to leave the country and take up permanent residence abroad.
“There is absolutely no truth whatsoever in any such suggestion. We have asked the MPS for the evidence relied upon to justify the arrest.
"Peter Mandelson’s overriding priority is to cooperate with the police investigation, as he has done throughout this process, and to clear his name.”
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The former Labour minister was seen returning to his home in the early hours after being released on bail
| GB NEWSThe Metropolitan Police has declined comment.
Lord Mandelson was seen returning to his home alone in the early hours of this morning after being released on police bail.
It is understood he was forced to surrender his passport amid concerns he is a flight risk, The Telegraph reports.
In a statement issued just after 2am today, the Met Police said: "A 72-year-old man arrested on suspicion of misconduct in public office has been released on bail pending further investigation.
Lord Mandelson was pictured being led from his home by police on Monday afternoon
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"He was arrested at an address in Camden on Monday, February 23, and was taken to a London police station for interview.
"This follows search warrants at two addresses in the Wiltshire and Camden areas.
"We are not able to provide further information at this stage to prevent prejudicing the integrity of the investigation."
Lord Mandelson was sacked by Sir Keir Starmer as Britain's Ambassador to the US last September after being appointed in the role in February.
The Prime Minister has faced considerable criticism over his decision to appoint Lord Mandelson to the position despite his links to Epstein.
Earlier this month, Lord Mandelson resigned his Labour membership and said he has “no record or recollection” of alleged financial payments made to him by Epstein.
The peer has has not responded to previous requests for comment, but GB News understands that prior to his arrest, his position was that he has not acted criminally and did not act for personal gain.
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