Christine Hamilton has dismissed allegations that she and her husband, former Tory MP Neil Hamilton, were involved in a serious sexual assault as "nonsense on stilts".
The couple were arrested and interviewed on Friday by detectives over claims that they were present and committed indecent acts while a young woman was raped.
They were later released on police bail after having originally voluntarily presented themselves for interview at Barkingside Police Station in east London.
Mrs Hamilton today insisted that she had never met the woman who made the allegations and had never been to Ilford, where the alleged assault took place.
"The whole thing is just a monstrous, outrageous waste of police time and I think they probably know that. It was the most ghastly, grotesque, humiliating experience," she said.
"The whole thing is nonsense on stilts. We are not expecting charges. Frankly I think the police have wasted enough time on this. If charges are brought then I give up on the police. It is mind-boggling that it has got this far. If they bring charges, well, in the famous words of somebody else, then I'm a banana."
She said she believed their predicament had been caused by the involvement in the case of the publicist, Max Clifford. "When the police ask you 'Does the name Max Clifford mean anything to you?' all your suspicions are confirmed. The jigsaw is fitting in rather nicely," she said.
Mr Clifford confirmed he had originally been approached by the woman in May with allegations against the Hamiltons which she wanted to get into the public domain.
The woman subsequently claimed that she had been raped and, at that point, Mr Clifford said he immediately advised her to go to the police. "As far I am concerned these are her allegations. I was not making any allegations," he said.
He insisted he had no ulterior motive for trying to cause difficulties for the couple. "I have no interest in the Hamiltons whatsoever. I have only ever regarded them as light relief. Most of what they do I find incredibly amusing. I had nothing to do with any of the things that have gone on in their past."