ORMOND BEACH, Fla. -- NASCAR drivers are among the victims of a $5.4 million scam that also targeted police officers, Florida Department of Law Enforcement officials said.

FDLE agents served two search warrants on homes in Ormond Beach and Ponce Inlet believed to be involved in the scam. Officers are searching for evidence as well as potential victims.

"Basically, the Ponzi scheme made investors believe that they could get them a guaranteed return on their investment up to 40.8 percent and they got them to invest their money and then used their money for their own personal gain. Our investigation is still in the process of collecting evidence and sorting through the different computers and everything else we found," FDLE agent Wayne Ivey said.

Ivey said Grand Am driver Henri Zogaib and Ormond Beach businessman Paul Bellanca worked together to convince clients to invest in iron and ore products through their two companies. Zogaib was able to gain credibility with NASCAR officials through his association with Grand Am racers and teams, the FDLE said.

No charges have been filed in the case and it may take weeks for any to be filed.

NASCAR drivers were victimized as well as a top-ranking NASCAR official and a retired police officer Ivey said.

Authorities said the former officer invested his entire life savings of $500,000 and lost it all.

Investigators believe dozens of people fell victim to the scam and are searching for additional victims.

"NASCAR is learning about the allegations as well, and we are as eager as everyone else to learn about the facts of this case," NASCAR said in a statement released Wednesday.

The FDLE said anyone who invested with Executive Investment Group and Diversified Investment Group should contact the agency or the sheriff's office immediately.