Local police investigators say they are yet to receive any formal complaints from Jamaica against Olint boss, David Smith.

On Thursday, Smith was arrested and charged in the Turks and Caicos Islands following a probe into fraud allegations against him.

Smith is on charges of theft, false accounting and uttering false documents.

He has since been granted bail and is to appear in court in August.

Head of the Major Investigation Task Force, Assistant Commissioner Les Green, says investigators have received complaints from investors outside the Jamaican jurisdiction.

He says the local complaints have not been "of substance".

"We would ask if any one feels that they have been defrauded and that they invested money in Jamaica, that they contact the Fraud Squad."

Deputy Commissioner of Police in the Turks and Caicos Islands, Hubert Hughes, says Smith's arrest follows months of investigations.

The Turks police are also not ruling out coming to Jamaica as part of their investigation.

In the meantime, the Turks authorities are continuing to examine the documents they seized from Smith's house and offices last year.

The developments in the Olint case have raised further doubts that investors will be able to recoup the millions of dollars they placed in the failed financial investment scheme.