Jenette Zhao spent close to $200,000 on two apartments that may never be built.

The two deposits were for apartments in Ruby 2 and Ruby 3 – part of the $1.4 billion Ruby Collection by developer Ralan Group – built on the former Paradise Resort site on Queensland's Gold Coast.

After the purchase the developer asked her to sign over her deposit for a 15 per cent return on interest. She felt the offer was too good to refuse. However Ralan Group is now in receivership, with unsecured creditors like Zhao unlikely to get their money back.

"We didn't realise because they have been doing the same thing for 15 years," Zhao told A Current Affair .

Yan Wong and his family invested all of their superannuation, as well as refinancing their Sydney home, in order to invest in Ralan Group's Sapphire Project in Surfer's Paradise.

Jenette Zhao spent almost $200,000 on apartments that may never be built. (A Current Affair)

Wong says he agreed to hand over $461,000 after a Ralan salesman offered his family 15 per cent interest as well as an eight-year rental return guarantee.

"All of the money is gone and we don't know why," he said.

Ralan has debts of around $500 million. Of that, $292 million is to unsecured creditors like Wong and Zhao.

Jenette's deposits were for units in the Ruby Collection on the Gold Coast. (A Current Affair)

In the lead up to Ralan Group's collapse, sales staff were offering investors returns as high as 15 per cent if they released their deposits to the developer as unsecured loans.

It's a practice that's deemed financially risky, and will be investigated by the administrator Grant Thornton.

Numerous sources have told A Current Affair that Ralan's Sales Manager Geoff Qiu encouraged his sales team to keep selling, despite the company being on the brink of financial collapse.

Ralan sales manager Geoff Qiu lives in a $7.35 million waterfront property. (A Current Affair)

Investors have expressed their outrage at the lifestyle that Ralan executives were leading while their company's finances were in disarray.

Qiu lives in a $7.35 million waterfront property in Hunters Hill, and neighbours told A Current Affair they were surprised to see a new boat arrive at his property two weeks before Ralan Group went into administration.

Ralan Group's founder and sole director William O'Dwyer continues to reside with his family in his mansion in Bellevue Hill, in Sydney's eastern suburbs, which they purchased for $5.7 million in 2007.

Yan Wong said he wanted to see Ralan Group held accountable. (A Current Affair)

Recent leaked financial records indicate O'Dwyer and his wife Joanne spent $41,002.21 on their four Amex cards in the month to May 28.

O'Dwyer said the money spent on the company Amex were in lieu of drawings or wages or other benefits to which he was entitled.

When approached to discuss the spectacular collapse of his company, O'Dwyer told A Current Affair he was unable to comment.

Ralan Group founder William O'Dwyer said he was unable to comment. (A Current Affair)

"I feel awful for the stress it's caused everyone," he said.

Matthew Bransgrove from Bransgroves Lawyers is currently investigating a possible class action against Ralan lenders Wingate and Westpac on behalf of more than 400 of Ralan's buyers.

"I cannot see how you can bring in $292 million into your bank account and not tell the taxman about it," says Bransgrove.

$292 million is owed to unsecured creditors. (A Current Affair)

Ralan Group's administrator Grant Thornton are expected to complete their preliminary investigation by November 30. They've been informing creditor to prepare themselves for a poor outcome.

Yan Wong says he wants to see Ralan Group held accountable.