Police were trying to determine whether the operations of Televest warranted criminal charges or charges under the Companies Act 1981, the spokesman said.

"We are in receipt of a report compiled under the provisions of the Companies Act 1981,'' the spokesman said. "It was forwarded via the Attorney General's Chambers for investigation by the Police.

"It's in the hands of our fraud squad for investigation.'' Televest, which along with four related companies was placed in provisional liquidation in December, attracted $8.3 million from about 500 local investors.

Supreme Court hearings on petitions to wind up Televest are continuing.

The petitions have been opposed by three Televest directors -- founders Mr.

Thomas Burns and Mr. Richard Burns, as well as Mr. Christopher Donnachie.

It is understood Police have had the report for several weeks and the investigation could be a lengthy one.