A 33-year-old man has been charged on Wednesday with 69 counts of deception following an alleged superannuation scam.
The man allegedly pretended to be an investment manager, sending the victim's superannuation money to overseas locations they could not access after receiving initial strong returns.
The charged man then asked victims to provide further funds to recover their initial investment, police said.
He was arrested on Wednesday morning at an Adelaide Hills home. He was refused bail and will appear in the Adelaide Magistrates Court on Thursday.