Qld CEO charged over $5m investment fraud

The brother-in-law of former Queensland premier Campbell Newman has been charged with fraud after allegedly accepting $5 million from an overseas lender for investments that did not exist.

Seb Monsour was arrested on Thursday after a raid on a business in Brisbane's Spring Hill where police seized documents, financial records and electronic evidence.

They allege the 44-year-old told his client the money would go towards three investments.

Detective Senior Constable Doug Henderson told reporters three payments had been made to the business's accounts, but it was unclear where the funds had then gone.

"It's currently under investigation where the money has gone, but yeah, it's gone," he said.

Mr Monsour has been remanded in custody and is expected to apply for bail in the Brisbane Magistrates Court on Friday.

Mr Newman is not in business with Mr Monsour, and told The Courier-Mail he had only learned about the charges against him on Thursday.

"He is entitled to his day in court however I would urge him if he has done something wrong to meet his responsibilities in full," Mr Newman told the newspaper.