Officials became suspicious of Fine Cotton's identity when he showed a glaring form improvement to win.
He had finished 10th in a field of 12 at the Brisbane Doomben track at his previous start.
Soon after the race stewards had asked trainer Haitana to produce Fine Cotton's registration papers.
He was escorted to the horse's stall but a search of the gear failed to produce the papers.
Haitana then told stewards he was certain he had brought the papers to the track but someone must have removed them from his race day gear bag.
Stewards disqualified Fine Cotton and awarded the race to Harbour Gold after they had lodged an objection on the grounds that Fine Cotton was not the horse he was represented to be.
The new placings for the race were Harbour Gold,Cabaret Kingdom and Groveley Boy.
They ordered all bets to stand meaning that punters who had backed Fine Cotton lost their money.
Mr Tindall said all bookmakers betting records on the race had been impounded and extra police had been called to protect Fine Cotton for further identification tests.
Stewards had asked part-owners Miss Pauline Pearse and Mr Malcolm McGregor-Lowndes and trainer Haitana to appear before them after they had disqualified Fine Cotton.
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Prominent Brisbane businessman Mr McGregor-Lowndes,75,answered the summons but Miss Pearse and Haitana did not respond.
He said he was surprised by Fine Cotton's sudden form improvement saying:"I didn't think he could win and I didn't have a dollar on him."
Mr Tindall said that thorough checks of the registration paper and markings of Fine Cotton and another horse would be carried out.
Inquiries discovered the winning horse was a much better performer,Bold Personality,ineptly disguised as Fine Cotton. Trainer Hayden Haitana was disqualified and leading Sydney bookmaker Robbie Waterhouse lost his fielding licence for 17 years over the incident.