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Mark Bryers and other directors of the collapsed Blue Chip empire are under investigation by the Ministry of Economic Development.
A spokeswoman confirmed its national enforcement unit was investigating but would not comment or say whether charges would be laid.
The Herald on Sunday understands the inquiry focuses on whether Blue Chip directors failed to file financial statements for their companies.
If the Financial Reporting Act has been breached, charges could be laid against the directors for each of the past three years.
Although he now lives in Sydney where he runs a property company remarkably similar to Blue Chip, Bryers could be served with court papers under a Crown Law agreement with Australian authorities.
If he failed to appear in court, an arrest warrant could be issued against him, followed by extradition.
The news comes as four more Blue Chip companies have been put into liquidation, all owned by Bryers' sister Lynda Rewita, and her husband Mike, who live in Tauranga.
Christopher Horton and John Price have been appointed as liquidators for Blue Chip Bay of Plenty, Blue Chip Bay of Plenty 2006, Blue Chip Botany Downs and Blue Chip Rotorua - bringing the total number of Blue Chip related companies in liquidation to 26.
Fifty-year-old Bryers - who pleaded guilty to drink-driving in April - has been busy on a luxury tour of Scottish golf courses, including the sport's spiritual home, St Andrews.
Since then he has been ordered to pay a Singapore-based property developer $15.4 million or potentially face bankruptcy.
Justice Judith Potter last month ruled Bryers must pay Consolidated Technologies Development $13.6m for 49 residential sections he agreed to buy alongside the Gulf Harbour golf course, north of Auckland.
The High Court ruling also ordered Bryers to pay $6921 a day in interest from October 26, when the deal was supposed to have been reached - a total of $1.8m.
After Bryers failed to settle on the sections, Consolidated Technologies sought a summary judgment ordering him to cough up.
Justice Potter said the agreement to buy the sections along the second and sixth fairways of the golf course was "unambiguous".
If Bryers fails to pay Consolidated Technologies can begin bankruptcy proceedings against him.
His former business partner, Bob Bangerter, also faces bankruptcy for a Blue Chip debt he claims he has been unfairly left with.
Sir Bob Jones is pressing ahead with plans to bankrupt Bangerter, who signed personal guarantees for leases in Qantas House, owned by Robt Jones Holdings Ltd, which housed Blue Chip's head office.
Jones alleges $395,000 is still owing on the leases and for refits to two floors. Documents show Mark Bryers paid $47,662 from a Gulf Harbour Country Club account in March this year but a further $100,000 he told RJH Ltd would be paid never came.
The Serious Fraud Office and Commerce Commission are also investigating Blue Chip.
More than 2000 Kiwi investors are out of pocket since 22 Blue Chip companies owing more than $80m were put into liquidation in February. Many are retired and face losing their homes.
