The Serious Fraud Office is reported to be investigating two of the companies behind the ill-fated A1 Grand Prix series.

It is understood that both A1 Grand Prix Operations - which is in administration with debts of £100m - and A1 Holdings - which is in compulsory liquidation with creditors claiming more than £300m - are under investigation.

Both companies are linked to Tony Teixeira (right) who, despite A1's descent into farce and failure, continued to be linked to a buy-out of a number of F1 teams including Honda, Force India and Campos.

After a number of scares the series finally died at the end of 2009, when, following a string of announcements and broken promises, the season opener at Surfer's Paradise was cancelled at the very last moment. In February 2010 its parent company A1 Holdings Ltd was wound up.

A month later, it was revealed that Business Recovery LLP, liquidators of A1GP Operations Ltd, the UK-based subsidiary of A1 Holdings Ltd were seeking a buyer for the Lola cars, parts and spares, as well as the Intellectual Property Rights to the A1 Grand Prix series logos and brands.

At the same time it was announced that in the wake of the cancelled event in Surfer's Paradise, Police Commissioner Bob Atkinson had launched an investigation following a report from the Auditor General in which it was claimed certain issues regarding negotiations between the failed UK-based racing organisation and the Gold Coast Motor Events Corporation were suspect. Indeed, there was talk of London's Metropolitan Police and even Interpol being called in to investigate the deal.

At the heart of the investigation of the in Australia was the question as to how organizers of the event could have agreed the deal with A1 GP without being fully aware of the precarious position the series was in, indeed, in an article by Pitpass editor Chris Balfe in late 2009 it was revealed that the entire A1 GP operation had been impounded immediately after the Brands Hatch season finale in May of that year. Thereby posing the question, how could a race take place when all the equipment was still under lock and key at Dunsfold Aerodrome - where much of Top Gear is shot - courtesy of locations logistics company Delivered on Time Ltd, one of the series' numerous creditors.

According to the Daily Telegraph, there are currently 15 unsatisfied county court judgments for financial claims against A1 Grand Prix Operations. There are also two against A1 Holdings and a US court order for 4.5m in favour of the US A1 Grand Prix racing team.

The British newspapers also claims that the collapse of the series brought down the AIM-listed mining company, Energem, which is linked to Teixeira, and which had lent the A1 companies $54m for services, while RAB Capital, which backed the South African to the tune of £200m, has since written down the entire investment.