Queensland police are warning consumers to be wary of investment schemes promising "the dream" after a Gold Coast man became the latest person charged with alleged involvement in cold call scams.
Mrunal Parekh, 38, was arrested and charged by police on Thursday with five counts of fraud over his alleged involvement in three different scams.
Parekh was granted bail after a brief appearance in Southport Magistrates Court where it was revealed his Clear Island Waters home had been first searched by police in February 2016.
Police allege Parekh managed and participated in the schemes over a 13-year period and defrauded consumers of $3.64 million.
It's alleged he was involved in the same so-called "boiler room" operation as that allegedly operated by father and son Jack and John Dounami.
Acting Detective Senior Sergeant Janelle Walsh said the scams sold fake sports betting software that claimed to predict horses to lose rather than win a race.
Sen Sgt Walsh said when consumers inevitably lost money, other telemarketers would encourage them to make up the loss by investing in "company-managed accounts".
"To a certain degree they sell them the dream," she said on Thursday.
"They believe that it's actually going to make them a significant amount of money."
About 60 victims have been identified but police believe there could be many more.
Detective Senior Constable Dale Caulfield said the victims had each lost between $20,000 and $800,000 in the scams.
But police have recouped very little of that in cash, with Sen Sgt Walsh saying they believed it was spent on extravagant lifestyle purchases like cars and houses.
Two other people have already been convicted over their role in one of the schemes.
As part of his bail conditions, Parekh has to surrender his passport and not travel overseas, despite his barrister Alastair McDougall attempting to avoid that condition so his client could travel to the upcoming Floyd Mayweather/Conor McGregor boxing fight in Las Vegas.
"That is not something which is essential," magistrate John Constanza said before granting bail.
The matter has been adjourned until September 14.