Fraud squad detectives are going through an ex-Scotch College student's failed fashion business after students from multiple elite schools complained.
Students from Brighton Grammar, Trinity, St Kevin's College, Haileybury and Melbourne Grammar had also invested in the online fashion startup, The Herald Sun reports.
The student is alleged to have brought in $185,000 from investors for a fashion business selling cheap watches.
Police said there had been a number of reports made to them about the business this week.
"Police will assess the reports to determine if any crimes were committed," a police spokeswoman said on Friday.
Trinity headmaster Michael Davies said some of his students paid very small amounts, but the school had been able to recover the money.
"We were aware in term one this year that Trinity boys had been approached to invest in this scheme run by a boy at another school," Dr Davies told the Herald Sun.
"Money did change hands, but when we became aware of it the school acted very firmly and quickly to ensure we shut this down."
The student's parents have reportedly paid back the money lost in the business.
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