Vic racing identity charged with fraud

A former high-profile Melbourne racing identity has been charged with illegally obtaining $129 million through a horse racing punting club.

Fraud and Extortion detectives charged a 51-year-old man, believed to be Bill Vlahos, on Wednesday "following alleged fraudulent activity connected to a horse racing punting club".

Victoria Police would not confirm the name of the accused man, but said he faces more than 300 charges of obtaining financial advantage by deception.

Mr Vlahos was questioned and released pending summons over the so-called punting club in August last year.

He will appear in the Melbourne Magistrates' Court on November 23.

BILL VLAHOS' TROUBLES:

* Declared bankruptcy in 2013

* Ordered to front a 2014 Stewards Victoria inquiry into BC3 Thoroughbreds but his lawyers said he was unable to give evidence

* Barred from attending race meetings and betting on thoroughbred racing pending an inquiry into the purchase of Black Caviar's half-brother

* Charged by stewards with two counts of dishonest, corrupt, fraudulent, improper or dishonourable action or practice in connection with racing.