Single, female homeowners targeted by development scammer

Police believe the man has fleeced at least $8.7 million from investors and scammed 15 people, who said they each lost between $20,000 and $2.1 million, since the scam was first reported in 2011.

Investigators said the scam involved the alleged culprit approaching homeowners with an offer to knock down their existing structure and rebuild a new townhouse on the land.

He presents himself as an established developer, police said.

"Once the victims hand over the funds to build the townhouses, their developments were bought out by other investors without the building works proceeding," police said.

The alleged scammer then "takes off with the cash" from the original property owner as well as the money from new investors.

Investigators have warned single women in Melbourne's south, particularly in the suburb Malvern East, that the alleged scammer is hunting for a new target.

Police said he was trying attempting to "befriend" single women and convince them to invest in his construction projects.

Investigators received reports of the scam from victims in Murrumbeena, Beaumaris, Bentleigh, Carnegie, East Brighton, Toorak and Malvern East.

Anyone with information on fraudulent activity is urged to contact Crime Stoppers on 1800 333 000 or at www.crimestoppersvic.com.au.