Milan Mandaric told Harry Redknapp “there is no tax” as the football manager expressed concern over a Monaco bank account, a court heard.
Tottenham boss Redknapp claimed he confronted his then chairman in 2004, Southwark Crown Court was told.
Redknapp thought it would be a good idea to raise the “investment”, the manager told officers in June 2009.
Mandaric, now chairman of Sheffield Wednesday, was said to have told Redknapp: “Harry, there is no tax. I’ve paid the tax.”
Redknapp told detectives “Milan, not me” had control over the account called Rosie 47 at the centre of the case.
Both Redknapp and Mandaric deny two counts of cheating the public revenue over payments worth £189,000.
The trial continues