A former friend of the sacked England captain, businessman Faisal Madani, faces 17 charges of fraud and false representation relating to unpaid credit card debts of around £137,000 spent on foreign holidays.
Twelve of the charges are believed to relate to Terry and an unpaid £37,000 bill for a week's stay at Dubai's plush Royal Mirage hotel enjoyed by him and his family over Christmas 2007.
A source close to the inquiry said: "This case will shed light on Terry's greedy nature. The fraud probe uncovered a number of footballers earning massive wages who appeared to be taking advantage of freebies.
"It's jaw-dropping. Not only did Terry's party have first class travel but the whole family had their holiday paid for.
" It's bizarre to most people that someone would accept a holiday and give nothing in return.
"The City of London Police were keen to find out why Terry agreed to the trip and he told them he 'was not going to turn down a freebie.'
"It's just innate greed and it's come back to haunt him. The case is bound to attract a media circus."
The bombshell comes as Terry, 29, is still reeling from the lurid revelations about his affair with England team-mate's ex Vanessa Perroncel and being stripped of the England skipper's armband. Dubai-born Madani, 46, a well-known fixer for a host of celebrities and top footballers, will appear at Southwark Crown Court on Wednesday.
Last night he told us: "This has caused me a lot of stress and I've suffered three heart attacks over the last two years.
"I'll be pleading not guilty to the charges but I'll be naming names. "John Terry is involved in the case because I arranged a holiday for him and there were problems with the credit card which was used. It had nothing to do with me."
Terry, is still reeling from the lurid revelations about his affair
Speaking from his home in Colchester, Essex, Madani added: "I'm not a fraudster or a conman. I haven't made a penny from these deals, in fact I'm out of pocket.
"John and I used to be friends but not any more. I was a guest at his wedding and actually arranged and paid for his £33,000 honeymoon."