High Court lawsuit on Tuesday claimed that the company SureWin4U had enticed investors to buy packages from it in exchange for returns from casino winnings of its "expert gamblers". However, its website was taken down in September 2017 after investors received some returns.
The Straits Times said SureWin4U chief executive officer, Malaysian Peter Ong, has been missing.
The details emerged after diamond dealer Lee Hwee Yeow, 44, sued Mr Wan Hoe Keet and Ms Sally Ho, whom he said had encouraged him to invest in the packages.
In court documents, Mr Lee claimed that as of Jan 28, 2015, about 150 people in Singapore had lodged police reports after losing around SGD50m million (USD 37 million).
Mr Lee and the defendants entered into a confidentiality agreement to bring the trial to a conclusion this week.