So "they followed the rules" did they?
Usually these things don't come to light unless Betfair complains.
One possible scenario they are investigating is:
i) Yucatan announced as a starter in the Caulfield Cup
ii) Someone with the knowledge that the horse won't be running (probably a stable employee- doubt if Lloyd or Nick would need the spare cash) gets outside parties to lay the horse
iii) Horse is scratched or announced non runner
iv) With the benefit of hindsight Betfair notices the abnormal betting patterns and contacts RVL
Did someone mention integrity?
Be interested to see the outcome.