The Serious Fraud Office is looking into the dealings of a suspected international fraudster who duped Wellington property developer Terry Serepisos.
Ahsan Ali Syed, through his company Western Gulf Advisory, is believed to have fleeced a host of businesses around the world of millions of dollars in a scam where fees were paid upfront for loans that never eventuated.
Mr Serepisos, the former owner of the Wellington Phoenix soccer club and former star of the Apprentice television series, spent most of 2011 trying to stave off bankruptcy.
He repeatedly claimed his Century City group of companies was to be rescued by a loan from WGA, but it never arrived and Mr Serepisos was bankrupted in September.
At least one other New Zealand company, McNabb Group Properties, sought a loan from WGA which failed to materialise.
Last year it complained to the SFO, seeking its help with legal action it had begun against WGA in Switzerland.
An Australian investor stung by the scam is seeking to have Mr Ali, a 40-year-old Indian with offices in Switzerland and Bahrain, unveiled as a fraudster.
Melbourne lawyer Andy Bryce, who represents 15 Australian clients who have lost more than AU$30 million between them, says it's an international fraud.
A Serious Fraud Office spokeswoman said in a statement that it was aware of allegations made against Mr Ali and WGA.
Inquiries were at a preliminary stage and it had approached an overseas agency for information.
It would reassess the matter after it got a response.
NZN