Investigators believe members and associates of the Bandidos Motorcycle Club were key players in swindling at least 150 victims.

The sting was run from a "virtual office" in Melbourne's CBD.

The Herald Sun has been told some of the potential victims - mostly Victorians who were lured by advertising - were taken to the office and impressed with the scheme's "staff" and swank boardroom.

But the organisers were just one of many businesses paying a fee for use of the offices.

Victims nationwide were guaranteed good returns on their investments but wound up losing the lot.

Some later visited the office to find those behind the scam were no longer there. The organisers' mobile phones were also disconnected.

It is alleged that "runners" who were paid a small fee were sent to bank branches to collect victims' deposits.

Some were escorted by a hulking competitive fighter to discourage any ideas of running off with the cash. One "runner" told the Herald Sun he was used to open fake bank accounts and withdraw money from them under the threat of violence.

It will be alleged about $200,000 a month was stolen between September last year and March this year.

At least 150 investors - most from Victoria - lost between $10,000 and $50,000.

Among them were staff at a major Victorian construction firm whose personal details were somehow obtained.

While they lost their money, the scheme's principal player continued to live the high life.

He drives a top-of-the-line Mercedes-Benz and holds a $40,000-a-year membership to one of Australia's most prestigious golf courses.

The man recently holidayed with one of Australia's top sportsmen in Asia and a member of the Bandidos.

Victims have vented their anger on a consumer website.

Police confirmed a 30-year-old Brisbane man was extradited from Queensland this month by detectives from Footscray CIU.