Authorities haven't released a lot of specifics at this point about what the criminal investigation will be focused on, although we do know that the Rhode Island State Police and the FBI are involved.
Many believe that the state movie and gaming tax credits and the bank loans to 38 Studios are part of this criminal probe.
Questions have been swirling around 38 Studios for weeks, but now that there's a criminal investigation into the company's demise, state officials like House Speaker Gordon Fox are hopeful that they might finally start getting answers.
"There's a lot of questions, it seems like the Governor and the responsible parties are doing their due diligence, so let's see what comes out of it." said Speaker Fox.
Governor Chafee was tight-lipped about the criminal investigation, focusing instead on the news about 38 Studios filing for Chapter 7 bankruptcy, saying he's still looking for investors that might want the assets 38 Studios has left behind.
"We're going to do everything possible to maximize return of our investment and the taxpayers in Rhode Island can have full confidence that if there's a penny that we can get or a nickel or a dime, we'll get it." said Gov. Chafee.
Although the state is 38 Studios largest creditor, they're certainly not alone.
The bankruptcy filing has a list, 21-pages long, that lists all the people and businesses that 38 Studios owes money to.
It includes everything from a 100-dollar bill from a Providence locksmith to a more than 1-million dollar payout to fantasy author R.A. Salvatore.
The man who helped create the world that 38 Studios only completed game is set in.
These financial dealings along with all the others the company made, since its move to Rhode Island, will be under a tremendous amount of scrutiny now that a criminal investigation has been launched, and is looking for answers.
"Let's see what happened there. One day it looked like from the outside that it was a thriving company full of young professionals, just what the city of Providence needs and it seems like one day goes by and whoosh its gone." said Speaker Fox.
