Invstors who lost millions of dollars when a property investment scheme collapsed have lashed out at the big banks for collaborating with the architect of the scheme.

The Age reported on Saturday that 300 investors had lost as much as $23m when Dollarforce Financial Services and its sister company, Alamanda Property Investors, went into liquidation late in the year.

The director of the companies, Clestus Weerappah, is being investigated by ASIC, and is believed to be meeting with liquidators next week to provide them with details of any other assets the companies might have.

The Age