The organiser of a Victorian punters club has been accused of defrauding $129 million from the syndicate members.
Bill Vlahos was charged on Wednesday by the Fraud and Extortion Squad with alleged fraudulent activity connected to The Edge punting club, which collapsed in December 2013.
![Bill Vlahos.](/web/20161112133052im_/http://www.theage.com.au/content/dam/images/g/j/a/6/w/m/image.related.articleLeadwide.620x349.gslgxf.png/1478669653018.jpg)
It is alleged $129 million dollars was fraudulently obtained between 2008 and 2013.
Mr Vlahos, 51, was charged with more than 300 charges of obtaining financial advantage by deception.
He will appear at the Melbourne Magistrates' Court on 23 November.
It has been reported that more than 1500 people were affected by the collapse of the syndicate. It is unclear whether any of the allegedly fraudulently obtained money has been recovered by authorities.
The club was started in December, 2004.
Mr Vlahos, from Torquay, was charged on summons. He has previously denied involvement in the collapse of the betting club, blaming a mystery punter for the losses.