Disgraced former Firepower boss Tim Johnston is believed to have squirrelled away millions of dollars offshore despite being declared bankrupt after the company's fuel pill scandal.
Perth-based Firepower promoted unproven fuel-saving pills until it collapsed in 2008, leaving investors more than $100 million out of pocket.
Liquidator Bryan Hughes of Pitcher Partners said an investigation into Johnston's personal assets had been wound up because creditors and the liquidator did not want to sink more money into it.
This effectively ended any bid to recoup money lost by duped private investors, Mr Hughes said.
"It's (the money) in offshore jurisdictions in other companies and until somebody can find exactly where it all is and how that sits (in relation to Johnston) ... it wouldn't be worth doing it," he told ABC Radio on Monday.
In Perth's Federal Court in July last year, Justice John Gilmour banned Johnston from managing any company for 20 years.
The Australian Securities and Investments Commission had estimated $80 million was raised from Firepower share sales to about 1400 investors between mid-2005 and early 2007.