Norwich businessman and Christian philanthropist Graham Dacre pictured with his car after giving evidence at the Norwich Crown Court in relation to him being defraud of millions of pounds. Photo: Steve Adams

A Norfolk millionaire told a court he “was a fool” to get involved in a scheme in which he was allegedly conned out of £12million.

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Graham Dacre said he indulged his “maverick streak” to invest in the scheme against the advice of his lawyer, because he trusted the business associate who told him about it.

Asked in cross-examination if he had ever come close to losing money before in investment schemes, Mr Dacre said: “There’s always risk when you’ve got money invested. I’ve invested in all sorts of things over the years - I’m an entrepreneur, I take risks.

“Sometimes you win, sometimes you lose, but I’ve never lost at the level I did with your clients.”

The philanthropist said he had been attracted by the scheme because he thought he could make money for good causes in Norfolk.

He added: “Entrepreneurshave always got a maverick streak in them, and I have a maverick streak, or I wouldn’t do all the things I have done and achieve all the things I’ve achieved.”

He said Alan Hunt, described as “the frontman” for the high-yield investment platform, had introduced him to banker George Katcharian who was allegedly the trader in the operation - and in control of the scheme’s success.

Mr Dacre said: “The man I believed in was Hunt. My confidence was in Alan. He was the man I had had in my home and the man I looked in the eyes.

“I would be a fool to put £12m into a scheme if I didn’t believe him. I was a fool anyway.”

Defendants Hunt, 65, of The Avenue, Poole; Ian Yorkshire, 61, of Clarendon Villas, Brighton; Arthur “Trevor” Ford-Batey, 61, of Miles McInnes Court, Carlisle; David “Fraser” Roberts, 62, of Montpelier Road, Brighton; and Kevin Brennan, 55, of Kirkburn, Driffield, are charged with defrauding Mr Dacre.

The five men, along with Brennan’s brother, Martin, 40, of Bracken Road, Stockton-on-Tees, are also charged with laundering the money.

All men deny the charges.

The trial continues.