Mr Greig, who denies all charges, has been accused of targeting investors across Scotland over a 13-year period from addresses in Aberdeen, Ellon and elsewhere across the UK.

Many of the victims of the alleged scheme preside in the north-east of Scotland.

It is alleged that he primarily used his business Midas Financial Solutions (Scotland) Ltd for the scheme, which involved offering investors the chance to receive high guaranteed interest rates on short-term deposits.

Once the deposit reached maturity, the investors were promised they would receive or be credited with interest.

However, the Crown claims that the interest that was paid, and any capital returned, was actually paid from funds put in by other participants of the scheme.

Itis alleged that Mr Greig obtained a total of £12,982,789.23 from investors under false pretences.

The Crown also states that both Mr Craig and the investment scheme were not authorised by the Financial Services Authority or its successor the Financial Conduct Authority (FCA) to accept or hold deposits.

Mr Greig is also accused of moving £5.8 million out of the UK, contrary to the Proceeds of Crime Act 2002.

The trial was called at the High Court in Livingston yesterday.

Mr Greig’s trial is due to take place at the High Court in Edinburgh in February.