Has the sky fallen in?

I don't imagine that the police would arrest the Prime Minister's tennis partner without being very sure of what they were doing. The BBC reports:

"Tony Blair's chief fundraiser Lord Levy has been arrested.
His arrest is in connection with the "cash-for-honours" inquiry by the Metropolitan Police.
Lord Levy, 61, made his money in the music industry in the 1960s and 1970s, managing singers including Alvin Stardust and Chris Rea.
He has been a high profile fundraiser for Labour since Tony Blair's election. Lord Levy is understood to be being held at a North London police station."