Detectives have raided a Portarlington home as part of an investigation into online scams worth more than $800,000.
It is alleged victims went to fake websites claiming to be legitimate, and offering investment opportunities.
They were then contacted by a man saying he was from the financial institution they left details with.
Detectives say people signed up to investments including term deposits and told to forward the funds to a bank account, where the money was removed.
It is alleged the scams happened between June and September last year.
Detectives searched an Arlington Street home as part of their investigation, arresting a 63-year-old man.
He is now helping officers with their enquiries.
However police are asking anyone with information to call Crime Stoppers on 1800 333 000.