A group of Britons behind the Landinvestors Society was also involved in a company called Wealth Watch that allegedly operated a land investment scam in Indonesia this year.
Wealth Watch falsely sold land which was supposedly earmarked for purchase by multinational firms, including BMW and Boeing.
Nigel Machin, a Jakarta-based Briton, was one of more than 700 investors who lost money. 'In July this year, there was due to be a payout from a Phillip Morris investment project. This is when it became apparent that it was a scam,' he said.
'Cheques were issued for non-existent accounts, the office was cleared and people disappeared. The majority of individuals who worked for the company are either in custody or have been questioned by the Indonesian police.'
Wealth Watch's senior vice-president operations (Asia-Pacific) Michael Ellington-Smythe signed the cheques. Local media report that he has left Jakarta with at least US$4.4 million of investors' money.
Investors found bemused local staff in charge at company offices on August 3. One manager, Arif Rasyad, was held by police for three weeks before being released. Another ocal manager, Poppy Irma Arianty, is thought to have left with Mr Ellington-Smythe. Jakarta police referred the case to Interpol.