The long-awaited report into Sydney conwoman Melissa Caddick's financial affairs has revealed she allegedly misappropriated 25 million of investors' funds.

However, the report has been met with disappointment from investors, saying that "nothing's been answered".

“It doesn’t reveal a lot we don’t already know,” said one person owed a considerable amount of money by Ms Caddick to The Sydney Morning Herald.

“The report is so heavily-redacted it’s hard to make any sense of it,” said another who added that “it doesn’t say where the money’s gone."

The report had two parts, the first part diving into Caddick's financial affairs and the second part investigating her company Maliver.

According to the report, Caddick would use Maliver as a money-laundering vehicle.

“Money went in [to the company] and then money went out,” said one of the investors.

The report comes as the search for Caddick enters a crucial phase with NSW Police divers preparing to search waters near her home in Dover Heights.

Several theories have emerged around Caddick's death, with many thinking she is still alive.

Police have not currently ruled out foul play or that she took her own life.

Corporate watchdog ASIC has said that it remains a priority to retrieve funds for investors, with a two-day hearing taking place next month.

Photo credits: ABC