Detectives investigating the missing £10.25 million loan to Northampton Town Football Club have now taken more than 220 statements as part of the major investigation.
Northampton Borough Council loaned the Cobblers the funds throughout 2013 and 2014 to renovate Sixfields Stadium and develop a hotel and conference centre on the nearby land.
But the East Stand was never completed, the hotel never progressed, and only a fraction of the funds were handed to the builders Buckingham Group Limited.
The lengthy probe into the failed Sixfields development and the funds loaned to the Cobblers was launched in November 2015, though, to this date, no one has been charged with any offence.
This week Northamptonshire Police has given a rare update on the investigation, revealing "many thousands of transactions" have been analysed.
A spokesman for the force said: “To protect the integrity of this long-term investigation Northamptonshire Police do not routinely comment on our investigative activity.
"The sensitive and painstaking work is being conducted within a confidential environment, to protect evidence and ensure the investigation is free from any outside interference or influence.
“A dedicated team of full-time investigators, accountants and analysts continue to independently assess the grant, use and the loss of millions of pounds of public money. We are committed to thoroughly and objectively investigating this matter, which includes evaluating and investigating every allegation which may have a bearing on events.
“Significant progress has been made with more than 220 statements taken and over 1,800 exhibits identified. Investigators continue to examine more than 200,000 documents and many thousands of financial transactions to a forensic level.
“This is a complex investigation involving multiple allegations and counter-allegations and it is important to remember that neither criminal nor financial liability will diminish with time.”