A MAN has been bashed and a car torched at the property of racing identity Bill Vlahos, who has admitted to losing $194 million in a punting club that involved some of Melbourne's leading lights.

Police attended a property in Connewarre last night called Grace Park where Mr Vlahos keeps horses.

"Police are investigating an assault and car fire in Connewarre last night," Victoria Police spokeswoman Belle Nolan said in a statement.

"It is believed a Torquay man was assaulted at a property on Randles Road around 8.10pm and his vehicle was subsequently set alight.

"The man sustained minor injuries during the incident. At this stage no one is in custody and the investigation into the incident is ongoing. "

There was at least 20 but potentially hundreds of people in Mr Vlahos' punting club, which promised returns of more than 25 per cent a year.

Some members are now considering legal action after Mr Vlahos admitted in a Sydney court last week the account where he had been putting the funds for six years did not exist.

They are now out of pocket and the Herald Sun understands there were no receipts given in the club, which was based on trust.

Mr Vlahos told the Herald Sun last week before his court case that he would pay all his members within two weeks.