The investigation was first reported by Le Monde.
The National Rally did not respond to a request for comment. A representative for Stérin confirmed to POLITICO in a statement that the billionaire had been questioned by police but denied any wrongdoing.
“Pierre-Edouard Stérin never participated, directly or indirectly, in illegal campaign financing,” the statement read. “The loans in question, made in a personal capacity, were structured by an expert on political financing and declared.”
Individuals may financially support political campaigns, but the practice is strictly regulated in France. A person may loan money to a campaign, but cannot do so “on a regular basis,” according to the French authority responsible for overseeing campaign finance laws.
After operating in relative anonymity for years from Belgium, where he lives as a self-confessed tax exile, Stérin recently came out of the woodwork as part of a push to fundamentally reshape French politics to align with this economic libertarianism and social conservatism.
The National Rally is in desperate need of those millions, as its leaders have long argued that the party is forced to seek alternative financing because French banks routinely refuse them credit.