King Gaming had £64.2m in its accounts when it was put into receivership, records show.

Authorities raided two business premises, located on Victoria Road and Bucks Road in Douglas, linked to the company in April last year.

Construction work was halted on King Gaming’s planned £70m campus headquarters on Victoria Road which had been billed as the largest single private investment in the Isle of Man.

Seven people were arrested during the raids and three more the following month. All have been released on bail.

The Gambling Supervision Commission revoked King Gaming’s licence.

King Gaming and a series of allied companies were put into receivership by order of the high court on August 7 last year.

Ian Richardson and Nicholas O’Dwyer of Grant Thornton were appointed joint receivers of the property and business affairs of the nine entities.

A document submitted to the Companies Registry by the receivers reveals that when they were appointed King Gaming had a balance of £64,200,036.

The document covers payments and receipts up to February 7 this year and shows bank interest was received of £467,207 and an unrealised gain on foreign exchange of £910,661, bringing the total to £65,577,906.

Payments totalling £1,114,788 were made during that time. Just under £1m was paid to creditors but there were also sums in respect of employees and pensions, taxes and bank charges.

The nine companies placed into receivership are Bucks Road-based King Gaming Ltd, Dalmine Ltd, Manx Internet Commerce Ltd, MIC Property Services Ltd. Jade Tree Ltd and Champion Tech Ltd, and North Quay-based MIC Holdings Ltd, Champion Tech Holdings Ltd and Tiger Holdings Ltd.

Manx Internet Commerce Ltd, which is at the centre of allegations of large-scale global fraud involving Chinese investors, had a balance of just under £30m when the receivers were appointed.

That figure climbed to £31,295,431 thanks to sales proceeds, investment income, bank interest and foreign exchange gains. Payments out totalled £1,479,074 including £315,240 to creditors. Just under £700,000 was paid out to employees and their pensions.

Dalmine had a balance of just over £150,000 when the receivers were appointed and some £42,000 has been paid to creditors.

Jade Tree Ltd’s planning application to build a parkland campus facility including headquarters for King Gaming was approved on appeal in June 2023.

It was proposed to provided offices for around 330 staff and accommodation for up to 150 who would live and work on site, with employees typically from the Far East who would be working here under a Transfer Visa Scheme.

We reported in October that hundreds of visa applications were approved for companies linked to King Gaming - although only 40 or so staff were found to be working there when police raided its premises.

A police spokesperson said: ‘No further updates will be issued in relation to King Gaming as it is under investigation.’