Developer charged with $5 million fraud

A 44-YEAR-OLD Brisbane man has been charged following a long investigation by the State Crime Command's Financial and Cyber Crime Group into a $5 million investment fraud.

Detectives charged the CEO of a real estate development company on Thursday after he allegedly accepted three significant payments from an overseas investor.

The investor was allegedly told the money would be placed into three separate investments.

Police will allege the investments did not exist at the time the money was accepted and the man had no authority, appropriate licence or credentials to manage investments on behalf of the companies.

The man is due to appear at Brisbane Magistrates Court on Tuesday charged with one count of fraud (dishonest application of property of another value over $100,000).