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The Serious Fraud Office has launched investigations into both failed finance company Bridgecorp, and the Blue Chip property investment scheme.
SFO director Grant Liddell said the office had received information to suggest that the books and records of Bridgecorp had been "dishonestly manipulated" to give investors a false impression of its financial position.
Bridgecorp went into receivership in July 2007 owing $500 million.
Liddell said in the case of Blue Chip there were a variety of issues, including allegations that misrepresentations were made to investors about the security of their funds, and that funds were used contrary to the terms on which investors put their money in.
Twenty-two companies of the Blue Chip group went in to liquidation between February and April this year. Around 2000 investors are owed an estimated $80 million, but the stakes are much higher because many Blue Chip clients took out mortgages to invest in the scheme and now risk losing their homes.
Liddell said the SFO had been looking at Blue Chip since February.
He said both investigations were like to take a considerable amount of time.
