The Serious Fraud Office (SFO) is now investigating the activities, control and ownership of Lifemark, and the activities of Keydata in marketing and selling products underpinned by bonds issued by Lifemark.
Today's announcement is to notify investors of a "change of direction" in the investigation, says the SFO.
In July 2009 the SFO began investigating Keydata Investment Services Ltd after a referral by the FSA. The company had been placed into administration in June following the discovery products had been mis-sold by Keydata as qualifying for ISA status.
More than £100m had been invested by Keydata investors, in Secure Income Bonds (SIBs) 1, 2 and 3. This money was invested in bonds issued by a Luxembourg company SLS Capital SA (SLS). Sums had also been invested in SLS bonds by non Keydata investors.
The SFO investigation has so far focussed on the activities of SLS in light of discoveries when PricewaterhouseCoopers (PwC) took over as administrators of Keydata that showed SLS had failed to pay income and fees due to Keydata, and assets of SLS had been misappropriated.
But SFO spokesperson Jina Roe says evidence which has come to light since the start of the investigation into the failed investment vehicle has now "changed the direction" of the enquiry to include Lifemark.
Roe says: "We are looking for enough evidence to take the case to court. We are continuing to look to contact witnesses and suspects."
No individuals have so far been charged over the debacle.
In a statement, the SFO also says it has recently met with the Financial Services Compensation Scheme (FSCS) over arrangements for SIBs 1, 2 and 3 investors.
A controversial decision by the FSCS means currently investors in ISAs will be compensated and the FSCS is considering non-ISA claims on a case by case basis.
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