Qld man charged over $12m property fraud

A Brisbane man accused of overseeing a ten-year, $12 million investment scam could face further charges, according to Queensland Police.

Anthony David Gray, 54, was remanded in custody on Saturday after being extradited from New Zealand, to reappear for mention on April 1.

He was charged with 25 counts of fraud, relating to a property investment scheme run by his Gold Coast-based business Synergy Gray Professional Services from 2007 to 2017.

Detective Senior Sergeant Steve Paskin said investors were told they would receive a high rate of interest for funding short-term bridging loans to property developers in New Zealand, Singapore and Hong Kong.

"These investments did not exist, and the funds invested were diverted and used for the personal use of the alleged offenders," he said.

Mr Gray's 72-year-old female business partner faced court in Brisbane on February 25 charged with nine counts of fraud.

Detective Senior Sergeant Paskin said the Financial and Cyber Crime Group were now investigating another six complaints, and further charges could be laid.

He said Mr Gray had a background in law and financial planning, but was not holding valid qualifications during the time the alleged offences occurred.

Several victims lost over one million dollars each, with the total combined loss $11.9 million. None of the money has been recovered.

"Each of the victims were either known to the offenders, or referred to the offenders by persons who knew them, Detective Senior Sergeant Paskin said.

"Initially, they would see some return on their investment ... generally that was through a fraudulent statement."

The victims came from across Australia as well as the US, UK and parts of Europe, and police are urging people to double check their investments and the qualifications of their financial planners.