Adelaide man arrested over alleged property scam worth more than $6 million

An Adelaide man who allegedly swindled five people into investing more than $6 million in a fake property scheme has been arrested.

Police arrested the 39-year-old Fullarton man on four counts of aggravated deception totalling $5,556,000 and one count of deception worth $500,000.

It will be alleged the offences were committed between April 2019 and July 2020.

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None of the money provided to the man has been recovered by authorities.

Police will allege the man committed the deceptions by obtaining money from the victims for a property investment scheme the man was promoting.

He also allegedly charged them with fees to release the invested money.

Police are investigating whether further victims were targeted by the alleged offender.

The man has been bailed to appear in the Adelaide Magistrates Court on August 10.