The Serious Fraud Office is looking into property investment business Blue Chip and asking for investors who have information to phone a call-free service.
Grant Liddell, the SFO's new director and chief executive, said staff had been investigating the business for more than a week. Investigations began last
Wednesday, based on complaints made to the office.
Last week 19 companies associated with the Blue Chip structured property investment scheme went into liquidation.
The SFO's involvement follows interest from another regulator.
On Tuesday, the Commerce Commission said it would investigate whether property investment companies had used false or misleading information to entice investors.
The commission received complaints from Blue Chip investors via property consultant Olly Newland.
Meanwhile Mark Bryers, executive director of Blue Chip Financial Solutions, last night appeared on television offering to compensate investors by up to $25 million.
One News reported that he accepted the Blue Chip brand was finished due to "massive" damage which he blamed on publicity and reckless statements.
The programme said there were strings attached to his $25 million compensation offer because it required the consent of liquidator Jeff Meltzer, who would hold the funds, and depended on an 18-month commercial property project he refused to identify.
Mr Bryers predicted money in the 19 companies being liquidated might help. "I understand those assets might be greater than any possible rent shortfall but, I mean, it's a very difficult question as to whether people have lost money," he said.
One News reported that $35 million had been received as deposits on real estate projects not yet built and cited the high-rise apartment block in Auckland's St Martin's Lane as a development where funds had been received but units were not built.
More than 4000 investors spread from Northland to Invercargill bought about 2000 properties through the company and its associates. SEE ALSO SFO seeks information - page 6, The Business
Any person with information they think would assist should contact the SFO on 0800 109 800.
