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MELBOURNE, AAP – A Victorian man has been charged after he allegedly committed property fraud totalling almost $395 million.

The 60-year-old man was charged on Thursday by detectives from the fraud and extortion squad with five counts of obtaining financial advantage by deception.

He has been summonsed to appear at Melbourne Magistrates Court on March 26.

Detectives on Friday said the charges related to finance that was allegedly fraudulently obtained between April and July 2019, when the man was employed at a Melbourne-based property company.

They allege the finance was purported to be for the purchase of Melbourne apartment buildings and their planned lease.