He claimed to have secured over £30 million in funding from an array of FTSE 100 companies and household name brands.
Former Olympic champion Mark Lewis-Francis and sprint hurdler Andy Turner were signed up to endorse the company, while fellow athletes hoping to gain sponsorship were charged a £500 up-front membership fee.
Organisations, including the charitable foundation of Chicago Bulls and Great Britain basketball player Luol Deng, were charged £1000.
Lewis-Francis has confirmed he is now seeking legal advice, claiming money promised was not paid while several others, including members of the 2008 Beijing Great Britain Olympic team, allege they have not received the sponsorship money they were promised.
Suppliers to the company also claim they have received no money for a range of services.
Officers from South Norwood in south London launched an investigation into the company after Christmas and Cas, registered at Companies House as GSG’s sole director, was arrested yesterday.
A Metropolitan Police spokesman confirmed to national press agency Sportsbeat that Cas, 44, of Innerd Court, appeared before Croydon Magistrates Court today charged with fraud.