The man, aged in his 40s, was charged in Wagga on Wednesday April 8 with eight counts of dishonestly obtaining a financial advantage by deception.

He was granted conditional bail, required to surrender his passport and ordered to reside at a southern NSW address.

Riverina Police District Superintendent Bob Noble told a press conference on Thursday that he could not rule out the possibility of more charges and said there could potentially be other people involved.

He said the Rural Crime Investigation unit executed a search warrant at a southern Riverina property in December last year and a number of cattle, as well as computers and documentation, were seized.

In other news:

In all, police inspected around 400 head of cattle, including Angus cows and calves and bulls.

"Investigators will allege that the accused person defrauded a number of investors through a methodology where he claimed to have purchased stock that never existed, or traded in stock that had been deceased for some time," Superintendent Noble said.

Some of the matters were described as being larger than others, with one instance where investigators claim that one single allegedly fraudulent transaction alone amounted to about $2 million.

"The investigation isn't finished," Superintendent Noble said.

State Rural Crime coordinator Detective Inspector Cameron Whiteside said the arrest is the culmination of a thorough investigation by local police.

"Strike Force Seger is a complex and significant investigation coordinated by the Rural Crime Prevention Team, and highlights we are open for business," he said.

"We urge the rest of the farming community to speak up if you've been affected by a crime ... and report any suspicious behaviour."