David Grier, who was seeking £9 million in damages from the police and prosecution services, was arrested in 2014, but later acquitted of all charges.
In a judgement published on Tuesday, Lord Tyre said Mr Grier had failed to prove he was the victim of a malicious prosecution, but criticised the actions of the Crown Office and Police Scotland.
One officer was criticised for “unacceptable intimidatory and threatening behaviour” during key interviews.
DCI James Robertson was also criticised for telling a solicitor to “shut up or I will put you out”, as well as telling an employee at Duff & Phelps, the company that ran Rangers after its administration, “don’t get smart with me, sonny”.
Mr Grier’s case is the first relating to malicious prosecutions around the Rangers administration to go all the way to court
Ministers have committed to an inquiry into the botched prosecutions, which has already led to more than £30m in damages and legal fees, with that figure estimated to potentially rise to £100m.
Financial experts David Whitehouse and Paul Clark were awarded £10.5m each in damages, with Charles Green awarded £6.5m after the Lord Advocate admitted liability around the case.
Commenting, the Scottish Conservative’s community safety spokesperson Russell Findlay said the case proved Mr Grier was “treated appallingly” and the judge was “scathing” of the Crown Office and Police Scotland.
He said: “Lord Tyre finds there was no ‘objective reasonable and probable cause’ to either charge, detain or prosecute Mr Grier, who is an innocent man.
“The judge also says a senior detective’s evidence was ‘evasive and unreliable’ and accepts that he used ‘unacceptable intimidatory and threatening behaviour’ during interviews.
“From speaking to Mr Grier, he feels vindicated by the established facts, but also feels that he’s not had justice and is exploring what his next move might be.
“The shocking details that have emerged serve to confirm the importance of a full public inquiry as called for by the Scottish Conservatives.”