Jamaica’s government has turned to the FBI for help as it investigates a massive fraud case involving a private investment firm where 12.7 million dollars (£10.3 million) belonging to Olympic sprinter Usain Bolt has gone missing.

The alleged fraud lasted 13 years and also ensnared elderly clients and government agencies. Authorities do not yet know how much was taken.

Lawyers for Bolt said the record-breaker’s account has dwindled to just 12,000 dollars (£9,700), and have given the investment firm until Friday to return the money before going to court.

The Jamaican government also asked other unnamed international partners for help in investigating one of the island’s largest fraud cases, finance minister Nigel Clarke said on Monday.

Nigel Clarke
Nigel Clarke (Alamy/PA)

“The anger and unease we all feel have been magnified by the long duration – 13 years – over which the fraud was allegedly perpetrated, and the fact that the (suspects) seemed to have deliberately and heartlessly targeted elderly persons, as well as our much-loved and respected national icon… Usain Bolt,” Mr Clarke said.

The investigation into Kingston-based Stocks and Securities is just starting so it is not yet clear exactly how much money was allegedly stolen or how many people were affected.

Mr Clarke said clients were given false statements regarding their balances as part of the alleged fraud.

Government agencies including the National Health Fund, Jamaica’s Agricultural Society and the National Housing Trust also invested millions in Stocks and Securities, Mr Clarke said.

Jamaica’s Financial Services Commission began investigating after the company alerted authorities this month that a manager had apparently committed fraud.

Since then, the commission’s director has resigned, and Mr Clarke has placed the Bank of Jamaica in charge of regulating the island’s financial system.

“There is no need to panic,” he said. “Despite this most unfortunate development, Jamaica’s financial sector remains strong.”

Mr Clarke said authorities are working to uncover every detail of the alleged fraud.

“They will unearth exactly how funds were allegedly stolen, who benefitted from such theft and who organsised and collaborated in this,” he said.

Mr Clarke said the government will seek forfeiture of any assets that might have been bought with the alleged stolen funds. He added the government will soon approve stiffer penalties for white-collar crimes.

“If you rob depositors or you defraud investors… and you put our financial system and our way of life at risk, the Jamaican society wants you put away for a long time,” he said.