Police are searching for a man who has fleeced more than $8.7 million off wannabe investors.

Fifteen victims who each lost between $20,000 and $2.1 million have come forward to Victoria Police since the investment scam was first reported in 2011.

Investigators believe the scheme involves a man who approaches people and offers to help them knock down their homes.

The man then offers to build townhouses in their place, convincing his targets he’s an established developer.

Once the victims hand over the money to build the townhouses, their developments are bought out by other investors without the building works proceeding.

The man then takes off with the money from both the original property owner and the new investors.

Detectives have received reports from victims in the eastern Melbourne suburbs of Murrumbeena, Beaumaris, Bentleigh, Bentleigh East, Carnegie, East Brighton, Toorak and Malvern East.

It’s believed the man is now targeting single women in the Malvern East area by trying to convince them to invest in his construction projects.

Anyone who knows the man or has information about the scam should contact police.

-AAP