A 51-year-old man is accused of orchestrating an elaborate property scam that swindled millions of dollars out of home owners and investors.

Police say at least 15 victims have come forward, who’ve each lost between $20,000 and $2.1 million.

The scheme was first reported to Victoria Police in 2011 and investigators say it involved a man posing as an established developer.

He’s accused of approaching victims with an offer to knock down their house and build townhouses on the land.

Police allege after the construction fees were paid another investor bought the developments but they were never built, with the man instead taking off with money from both parties.

A Malvern East man has been arrested and charged with 35 offences including obtaining property by deception, obtaining financial advantage by deception and using a false document.

He’s due to face court on Thursday.

–AAP