James Tarrant Photo: Police handout
He reportedly attended a London police station with his lawyer and was formally arrested and then charged with assisting an offender, knowing they faced prosecution.
A spokesman said he strenuously denies the allegation, which under sentencing guidelines he faces up to seven years in prison for if he is convicted.
His wife, whom he married in 2013 and has a 23-month-old daughter with, is said to be “sick with worry” at the prospect of him facing jail.
Tamara Ecclestone and her husband Jay Rutler Photo: Getty
A source told The Sun said: “The accusations are very serious and Jay knows that if he is convicted he could end up going away.
“Tamara is sick with worry about him being banged up but is putting a brave face on it. She is understandably very concerned about Jay and what could happen.
“It has come as a bolt from the blue and is potentially very bad news especially given that they have a young daughter. However she is sticking by her man.”
Tamara Ecclestone and her husband Jay Rutler Photo: Getty
In a statement, Mr Rutland’s spokesman said: “Mr Rutland voluntarily attended a police station and assisted the police with their inquiries.
“He was later charged. He denies the charge and will defend it vigorously.”
A photo posted by Tamara Ecclestone Rutland (@tamaraecclestoneofficial) on Feb 13, 2016 at 11:26pm PST
Tarrant was arrested after police found cannabis, cocaine, a handgun, ammunition, body armour and around £5,000 at a house in Waltham Abbey, Essex.
However, he later fled the country in 2010 before his trial and was convicted in his absence and jailed for 14 years.
He was on the run for five years before handing himself into police in Holland in September and was returned to Britain to serve his sentence.
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