The Serious Fraud Office (SFO) has announced it is opening an investigation into the UK business operations of Bernard Madoff.
A statement released on the SFO's website says the focus of the investigation will be on UK victims and any criminal offences that may have been committed in the UK.
Last month Mr Madoff admitted the hedge fund he ran was bust and was subsequently accused of running a fraudulent pyramid scheme that tricked client out of $50 billion (£33 billion) in one of the largest cases of financial corruption in US history.
Today's decision by the SFO follows the receipt of an interim report by Grant Thornton, provisional liquidators in the UK.
As part of the investigation, the SFO claims it will liaise with law enforcements in the United States as well as the City of London police force.
Commenting on their inquiry, SFO director Richard Alderman said: "This is a good example of the SFO's new, faster, approach to tackling fraud.
"The public say they want us to take early action and this is what we are doing. We will work closely with other law enforcement agencies to discover the truth behind the collapse of these huge financial structures. And we again ask for help from ex-employees and others."
The SFO has issued an appeal to investors and other stakeholders involved with Mr Madoff's UK businesses to come forward and help identity any possible fraud.
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