A 52-year-old man has been jailed five years by the High Court for swindling $35.9 million from people overseas by persuading them to buy high-yield monetary products.

Between 2004 and 2005 he used false passports to acquire four shelf companies and open four bank accounts in Hong Kong for these firms.

Victims received telephone calls from "investment brokers" persuading them to buy high-yield monetary products or enter into selling agreements on products owned by them.

When victims deposited advance fees for the transactions into the shelf companies' accounts, the investment brokers ceased contact with them.

Police arrested the defendant on November 29, 2005.

He was charged with three counts of using a false instrument and four counts of dealing with property known or reasonably believed to represent proceeds of an indictable offence.