A man has been extradited by police after allegedly defrauding more than $24 million from “mum and dad investors” and business owners.

The businessman, 40, is facing charges of dishonestly obtaining financial advantage by deception.

An investigation was opened by NSW Police almost twelve months ago after reports he had allegedly misappropriated his client’s investments.

Crime Manager Detective Chief Inspector Paul Albury said police will allege he targeted ‘”mum and dad-type” investors as well as other business owners.

A warrant was issued and police made the arrest in the Gold Coast suburb of Hope Island on Monday.

Detectives then made a successful application for his extradition across the border into the coastal town of Tweed Heads in NSW, where he will face the Local Court.

“We encourage anyone who believes they have been the victim of a crime such as this to contact police,“ Inspector Albury said.

The 40-year-old man has been refused bail and will appear at Tweed Heads Local Court on Wednesday.