The Associated Press is reporting that the International Olympic Committee has opened an investigation into allegations that representatives from over 50 countries were involved in selling London Olympics tickets on the black market for profit.
The IOC held an emergency session to discuss evidence presented by Britian's Sunday Times, The AP reports. The report claims that officials have been offering tickets to various Olympic events at hugely inflated prices.
Skysports is reporting that tickets were sold for up to 10 times higher than their face value.
Spyros Capralos, president of the Greek Olympic Committee, and top organizer of the 2004 Athens Olympics is one of the top officials being accused in the scandal.
Capralos was reportedly quoted as saying he had "pulled strings" with London Olympics organizer Sebastian Coe to obtain a batch of "premium" tickets for Greek officials under the assumption that demand for tickets from the people of Greece would be quite high.
The AP, reports however, that the demand for tickets was actually pretty low, and that Capralos admitted to undercover reporters that many of the tickets were sold to people outside of Greece for profit.
Both the London organizing committee and Capralos say these allegations are untrue.
According to The AP, undercover reporters posed as illegal ticket sellers to lure officials into trying to sell tickets in an unlawful manner.
Former Olympic swimmer Yoav Bruck is also accused of falling for the ruse. Bruck is now authorized to sell tickets in Israel and Cyprus. He has denied offering the undercover reporters the "best seats" to the 100m final.
According to the Daily Mail, the IOC has called for anyone found guilty in the scandal to be banned from "any future role in sport."
IOC rules forbid national Olympics committees from selling tickets abroad, raising ticket prices, or selling tickets to unauthorized resellers, The AP reports.
The investigation into this matter will be led by Paquerette Girard-Zapelli, a former French judge who is now in charge of IOC corruption inquiries, Sky Sports reports.
IOC president Jacques Rogge would like the investigation to be over before the London Games, The Guardian reports. There may not be sufficient evidence before the opening ceremony to form a conclusion, however.
Denis Oswald, a member of the IOC executive committee and the London organizing committee said any officials found guilty of selling tickets on the black market should "no longer belong to the Olympic movement," the Daily Mail reports.
Oswald also said he suspects this sort of thing has happened before, but never at this high a level.
"We will ask for documents and the tapes. Whatever is existing from the Sunday Times," he said. "If this is confirmed then sanctions must be taken."
In May, the General Secretary of the Ukraine National Olympics committee resigned after a BBC News investigation into allegations that he was willing to sell 2012 Olympics tickets for cash.
According to The Guardian, this new wave of allegations will threaten attempts by IOC president Jaacques Rogge to restrengthen and rebuild the image of the IOC since it was accused of taking bribes in return for awarding the 2002 Winter Olympics to Salt Lake City. Rogge is set to step down next year after serving as IOC president for 12 years, but is determined not to let the IOC's image suffer yet again.