An Adelaide man has been arrested for allegedly deceiving five people to invest large sums of money in properties that never existed. 

SA Police has charged the 39-year-old Fullarton man with four counts of aggravated deception totalling $5,556,000 and one count of deception worth $500,000.

Police say the offences were committed between April 14, 2019, and July 3, 2020, against five people but detectives are trying to work out if there were more victims. 

None of the money provided to the man has been recovered.

The man allegedly scammed his victims by receiving money for a non-existent property investment scheme he was promoting and then associated fees to release the invested money. 

Police allege the man used the money for other purposes.

The man has been bailed to appear in the Adelaide Magistrates Court in August.