At least $1 million from eight investors has been invested in loans to construction firm Soilwood, which was another of Noble Consulting Group's crowdfunding schemes.
Since The Straits Times ran the first story on the Soilwood scheme, eight investors have told the newspaper that they too have not seen the returns promised to them.
Investors have reportedly put between $50,000 and $100,000 each in the investment scheme, to help Soilwood finance projects.
Crowdfunding online has taken off in a big way here over the past two years, with platforms offering investors high returns of up to 24 per cent a year.
These companies borrow small sums of money from the public to finance their projects, but there is no guarantee that the principal sum invested will be returned.