Fallon was among those first arrested 22 months ago

He and fellow jockeys Fergal Lynch and Darren Williams are accused of conspiring to defraud customers of online betting exchange Betfair.

Trainer Alan Berry has been charged with the same offence.

They are among a total of 11 people who have been charged with offences by City of London police and are due to appear in court on Monday 17 July.

Former racing syndicate director Miles Rodgers, 37, Lynch's brother Shaun, 36, farrier Steve O'Sullivan, 35, and Philip Sherkle, 39, face the same conspiracy allegation.

In addition, Rodgers, Joanne Richardson, 27, Darren Armitage, 41, and Brian Pilkington, 70, have been charged over an offence relating to money laundering allegations.

They all deny any wrongdoing.

The 41-year-old Fallon, a six-time champion jockey, flew in from Ireland to answer bail on Monday after winning a second successive Irish Derby on Sunday on board Dylan Thomas.

Former racing syndicate director Miles Rodgers was also charged

The investigation, which began in September 2004, has examined allegations of conspiracy to defraud involving more than 80 races between 1 December 2002 and 2 September 2004.

City of London Police said that 17 of the 28 people answering bail on Monday had been released without charge.

They included trainer Karl Burke, jockeys Robert Winston and Paul Bradley, plus amateur rider Dale Jewett.

During the investigation, more than 130 police officers raided 19 addresses across Suffolk, North Yorkshire, South Yorkshire and Hertfordshire.

Detective Chief Superintendent Steve Wilmott, head of the City Economic Crime Division, said: "The amount of work undertaken by the investigation team has been immense.