Police charge man, 74, over cold-call scam

A 74-year-old Queensland man charged with making almost $1 million through a fraudulent cold-call syndicate allegedly spent most of the money on a luxury yacht.

Police allege he was involved in a Gold Coast-based cold-call scam with links to the Finks outlaw motorcycle gang, and that he spent $750,000 on a 70-foot luxury motor yacht.

The rest of the money was allegedly spent on other lavish lifestyle expenses, including a BMW convertible, which was seized when the man was arrested on Tuesday morning.

He was scheduled to face Brisbane Magistrates Court on Tuesday afternoon on fraud, money laundering and perjury-related charges but it was adjourned to Wednesday.

Police say their investigation began in late 2015 and examined the links between a Finks member, who was the director of two telemarketing and sales companies.

They allege victims Australia-wide lost an estimated $3 million from the scam and that person was one of six people previously charged in the investigation.

"This morning's activities saw the execution of search warrants at a Clayfield residential address and also the office of a Gold Coast law firm," Detective Senior Sergeant Jason Gough said.

"We allege the victim's money was fraudulently appropriated by the defendant, including to fund the $750,000 purchase of the vessel."

Police say the perjury charges relate to examinations held at the Crime and Corruption Commission during the investigation.