Mr Ahmad, 54, claimed more than £60 million in damages on the basis he suffered “irreparable reputational harm”.

Mr Ahmad went to court because he believed his arrest during a probe into alleged financial wrongdoing at Rangers affected his ability to make a living.

He was prosecuted along with others as part of the investigation into the takeover of Rangers by businessman Craig Whyte in 2012.

Mr Ahmad received an apology in June 2021, but no admission that he had been maliciously prosecuted.

In a written judgment, Lord Harrower awarded Mr Ahmad a fraction of the sum he had sought.

The judge concluded that he had told “lies” in evidence and “misled” the court.

His behaviour, said the judge, had “contaminated” his evidence. Lord Harrower also said his professional reputation had already been compromised before the prosecution of Rangers.

Lord Harrower wrote: “The pursuer set out to mislead the court on an issue of central importance.

“He was afforded several opportunities to set the record straight, but chose instead to persist, even while under oath, with what were, frankly, lies. As a result, I find that the whole of his evidence has been contaminated.

“I conclude that the pursuer’s lack of fitness to undertake work in financial services, whatever the source of the information may have been, was already known to a number of individuals in that sector. Further, that knowledge followed the pursuer into the Rangers job, and thence into his post-Rangers career.

“For these reasons, at least, his reputation was already significantly compromised prior to the prosecution, and would continue to be so compromised, even had the prosecution not occurred.”