Several crossbench senators are calling for investigations into how the federal budget’s controversial bank levy was leaked to the media, leading ahead of time leading to a $14 billion wipeout of bank shares.

Independent Senator Derryn Hinch has written to the Australian Federal Police (AFP) asking them to look into how the information was made public.

“It appears to me to be a classic case of criminal insider trading involving the federal government,” he told Fairfax Media.

“It is a very serious thing, it could be a politician.”

Greens Senator Peter Whish-Wilson said he would raise his concerns with the Australian Securities and Investments Commission (ASIC).

“If there has been any leaks we would expect it to be fully investigated and anyone responsible for those to be thrown in jail,” he told reporters on Thursday.

Senator Nick Xenophon also believes there needs to be a thorough investigation by ASIC and then the AFP.

“I had no idea that there was a bank levy being planned, neither should I have because of the very market sensitive nature of this information,” he said.

Labor senator Murray Watt believes it was a government decision to leak the measure.

“I would hope they took into account what affect that would have on the markets and on share prices,” he said.

“You’d really have to ask them whether they thought about the consequences.”

Treasurer Scott Morrison says he has seen no evidence to warrant an investigation.

– AAP