A former university lecturer was arrested and charged yesterday after being accused of misleading some 300 people into giving him millions of euros to invest in return for what he claimed would be guaranteed returns, police said.

Constantinos Christopoulos, 62, recently set up an investment consultancy and two men told authorities that they had given him 175,000 euros to invest. The men said Christopoulos pledged he would return the money plus 3 to 5 percent interest within a short time, but his promise did not materialize.

An Athens prosecutor charged the suspect with fraud and embezzlement, which are criminal offenses. Christopoulos is suspected of targeting tens of students and staff at the Athens University of Economics, where he previously taught. The alleged fraudster was remanded in custody and will face a magistrate on Monday.