A businessman has appeared at Bradford Crown Court accused of a multi-million pound scheme to defraud British expats in Majorca.

John Neil Hirst, 60, of Millroyd Mill, Huddersfield Road, Brighouse, has been charged by the Serious Fraud Office in connection with a so-called Ponzi investment scheme.

It is alleged that more than £10 million was obtained from investors with losses believed to be about £6 million.

Hirst faces one allegation of conspiracy to defraud and two of money laundering.

He is accused of operating a Ponzi scheme targeting high net-worth individuals.

Most of the people who invested through his Panama and Seychelles-registered company are believed to be Britons based in Majorca. Investors in France and the US are also reported to have been involved in the scheme.

His solicitor, Philip Sweeney, said the matter was to be contested.

Hirst will next appear at the Crown Court for a case management hearing on September 9. A date for the trial, lasting up to ten weeks, was set for June 18, 2012.

Prosecutor Rachel Barnes said the case would include up to 20 witnesses, including investors who claimed to have lost money.

Hirst, who wore a smart dark suit and tie for yesterday’s preliminary hearing, had his bail renewed by Judge Peter Benson.

Conditions include living and sleeping at his home address, not contacting any investors, not to travel overseas and not to apply for any travel document.

The court heard that Hirst had surrendered his passport and it was in the keeping of West Yorkshire Police.

It is believed that Hirst returned to Britain in 2009 suffering from ill health.

The SFO said it was continuing its investigations into a number of other individuals connected to the alleged fraud.