Former prosecutor and Fox Nation host Nancy Grace raising the alarm over a seemingly stalled investigation into the bizarre disappearance of an American mother of two, who went missing in Belize.

"I've been studying the case very carefully," said Grace on Fox Nation's "Crime Stories." "And so far, I alone -- at thousands of miles distance -- have come up with three different stories that people have told about what happened to this Arizona mom, Alison MacKenzie."

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MacKenzie, 43, a resident of Prescott, Ariz., was said to be traveling with her 58-year-old boyfriend in January. They were apparently looking to purchase a second property in the Central American country.

According to a statement from the Belizean tour Raggamuffin Tours Limited, MacKenzie arrived with her boyfriend on the small island of Rendezvous Caye as part of a three-day tour with a group of 15 people and 3 crew member.

Authorities in Belize said that MacKenzie was last seen on the evening of Friday, January 17.

However, members of MacKenzie's family claim that she was believed to have disappeared during the early morning hours of Saturday, January 18 and may have been last seen walking on the beach.

The statement from the Belizean tour Raggamuffin Tours Limited said that she was reported as missing since the early morning of Sunday, January 19.

"Is it Natalee Holloway all over again?" said Grace, in reference to the botched investigation into the disappearance of an 18-year-old woman in Aruba in 2005.

Grace also pointed to several official accounts of MacKenzie's alleged state of mind leading up to her disappearance. MacKenzie was described by investigators as possibly drunk and acting erratically.

"She's hysterical -- that's normally the phrase that they describe women who go missing and they can't find them or won't find them," said Grace. "Somehow it's the woman's fault because she's hysterical. That is not true. This woman had no history whatsoever of hysterics, of any type of emotional or mental problems."

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"As a matter of fact, she's down there looking for a second property," Grace continued, "This is a responsible mom of two young ladies. She's not hysterical. She's not drunk. She's not erratic. So why are they saying that?"

Joseph Scott Morgan, a professor of forensics at Jacksonville State University, also took issue with the investigation.

"I know, from an investigative standpoint, that they need to stop releasing these narratives and get to work to try to solve what happened to this woman instead of just speculating all over the place because it drives the story," he said.

Morgan argued that it is common for investigators in this part of the world to bungle homicide investigations.

"This is one of the problems that we hear over and over and over again," he concluded. "I reflect back to Natalee Holloway... many times they fall greatly short relative to crime scene processing, the processing of forensic evidence... if you don't get to this point in the early stages of the investigation, the whole thing is blown."

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Fox News' Paulina Dedaj contributed to this report.