The former player turned agent and businessman was arrested earlier this week and taken on Thursday to Madrid for questioning by National Court Judge Jose de la Mata, reports Efe.
Pina is accused of financial improprieties in connection with his work as a representative for players.
Before becoming CEO of Cadiz, currently playing in the second division, he held senior positions at Murcia and Granada.
The president of Cadiz, Manuel Vizcaino, said Thursday that the club board was taking direct control of all operations in the wake of Pina's arrest.
"It is beyond any doubt" that the accusations against Pina have nothing to do with his role at Cadiz, Vizcaino said.
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