Developer Pinnacle Alliance parted company with original contractor PHD1 in March 2016 at the £77m Angelgate site over “performance issues.”

Work has been on hold since then and PHD1 went into administration weeks later.

Overseas investors – mainly from South East Asia – have paid more than £30m up front for flats.

A Greater Manchester Police statemnet said: “GMP has received around 70 complaints surrounding a property investment in the City Centre of Manchester.

“These complaints have been recorded as fraudulent offences and are currently being reviewed and assessed by specialist officers.

“We continue to keep the victims updated, these are complex matters which need to be looked into thoroughly before a decision is made with regards to the best course of action.”

Pinnacle said it is in the process of confirming a new contractor to complete the scheme and has had no contact from the police

A Pinnacle spokesman told Place North West: “Pinnacle are speaking to buyers on a daily basis, and welcome any questions they have.

“The situation has absolutely been very unfortunate and extremely frustrating.

“However, at no point has Pinnacle ever said they would walk away from the build (which would mean that buyers would lose their money); the company has fought tooth and nail to rectify the situation and we are very nearly there.”