The Serious Fraud Office has started a formal investigation into the New Zealand activities of Brockstar Group, which is based in the United States, saying serious fraud may have occured.
The SFO says the investigation arose out of two other cases.
During the B'on Financial Services and Derivatek investigations, it was alleged the parties involved sought funding from Brockstar, and paid substantial fees in advance to secure loans.
But the loans were never received and advance fees were not returned.
SFO acting chief executive Simon McArley said the desire to meet these fees may have driven the conduct the agency investigated.
He warned the conduct may not have occurred in New Zealand, and therefore would be outside its jurisdiction.
But he says the SFO will pass on information to other agencies overseas.