Former Formula 1 boss Bernie Ecclestone was charged this Monday (11) with fraud after failing to declare more than £ 400 million (about $ 2.5 billion at current exchange rates) in assets he held abroad to the tax authority. The English leader will have to answer in court.

The Crown Prosecution Service (CPS) said in a statement that Ecclestone faces a charge of fraud by false representation in a complex, worldwide criminal investigation by Her Majesty's Revenue and Customs (HMRC) Fraud Investigation Service.

"The PSC has reviewed a file of evidence from HMRC and authorised a charge against Bernard Ecclestone of fraud by false representation in relation to his failure to declare to HMRC the existence of assets held overseas, believed to be worth more than £400 million," the note said.

Bernie Ecclestone and his wife, Fabiana (Photo: Getty Images)

"The Crown Prosecution Service reminds all concerned that the criminal proceedings against this defendant are now active, and that they are entitled to a fair trial. It is extremely important that there are no reports, comments or sharing of information online that could prejudice these proceedings in any way," the CPS added.

The first hearing in Ecclestone's case is due to take place on August 22 at Westminster Magistrates' Court in London.

At the age of 91, Ecclestone is best known for having been Formula One's chief executive officer between 1978 and 2016. Recently, the British leader was arrested in Brazil while attempting to board a plane to Switzerland with a loaded revolver. Eventually, he posted bail and was released to travel.

Bernie was also the subject of recent controversy when he defended three-time world champion Nelson Piquet, who was disowned in the world of motorsports after racist remarks directed at seven-time champion Lewis Hamilton. In the same interview, Bernie defended the Russian invasion of Ukraine and said he would "be shot" by Russian President Vladimir Putin.

Ecclestone is accused of fraud after evading R$2.5 billion and goes on trial