An independent investigation will examine serious criminal allegations made by five former inspectors at Melbourne’s Crown Casino.

The Victorian Commission for Gambling and Liquor Regulation (VCGLR) on Friday confirmed that the allegations would be investigated by prominent QC Ian Freckelton.

The former VCGLR inspectors told ABC’s Four Corners earlier this week that their concerns about criminal activity at the casino, including money laundering by organised crime syndicates, were not taken seriously by the regulator.

The five men have been invited to participate in the investigation, which will begin immediately and will be made public once completed.

The investigation will also have access to the VCGLR’s records and personnel as required.

The state government is in the process of setting up a new casino-specific regulator.

It comes as a royal commission examining Crown Resorts suitability to run its Southbank casino will hold its final public hearings on Friday.

The inquiry is not examining the role of the VCGLR.