Criscito's was named in Italy's Euro 2012 squad but Italian Football Federation vice-president Demetrio Albertini confirmed this afternoon that he will now not be travelling with the squad.
Five people have been arrested in Hungary on suspicion of being part of an illegal international betting ring headed by Singapore's Tan Seet Eng, who was arrested in December.
Searches have been made at more than 30 homes including those of a number of players and coaches of clubs in Serie A, Serie B and the lower division Lega Pro.
Raffale Grassi, director of SCO, the police service responsible for the investigation, said: “In this part of the investigation, indications have emerged of manipulation in matches from the 2010-11 Serie A championship, including games between Lazio and Genoa and Lecce and Lazio.”
Police say Juve boss Conte was being investigated on suspicion of sporting fraud and fraudulent association over allegations concerning a match between his previous club Siena and Novara in April 2011.
Antonio De Rencis, Conte's lawyer, said: "Conte's reaction is that of someone who is completely innocent and strongly determined to prove his total innocence."
Today’s allegations are just the latest match-fixing scandal to rock the Italian game. Former Atlanta captain and Italy midfielder Cristiano Doni was banned for three-and-½ years in August for his part in match-fixing involving Serie B matches last season.
Former Lazio and Italy striker Giuseppe Signori was banned for five years and 15 other players were banned for between one and five years for their part in the same scandal.
The Zenit St Petersburg defender was questioned this morning at Italy’s training headquarters in Coverciano, Florence.
Lazio captain Stefano Mauri and Genoa midfielder Omar Milanetto were earlier arrested while Juventus coach Antonio Conte was also questioned.
Italian Football Federation (FIGC) vice-president Demetrio Albertini confirmed this afternoon that Criscito, who has 19 Italy caps, will not travel with the squad to Poland and Ukraine.
Albertini said: “Criscito will not be with us at the European Championship.
“He is in a hurry to end this current situation and that is his aim.
“He is disappointed to have caused this situation although he reiterates he has nothing to do with it.”
Criscito's agent Andrea D'Amico said: "I have spoken to Mimmo (Domenico) this morning and he is absolutely calm.
"Mimmo is ready to explain anything that may have caused him to be under the spotlight.
"Our legal team is working in order for the magistrates to listen to him as soon as possible."