Graham Dacre.

A millionaire Norfolk philanthropist allegedly conned out of nearly £12 million has told a court how he was “sucked in” by the prospect of huge returns to invest in young people.

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Graham Dacre admitted he was confused “and couldn’t get to the bottom of” the deal he struck to enter the high-yield trading platform in which he lost £11.9m in May 2008.

The Christian businessman told Norwich Crown Court this morning that he was warned about the scheme by his lawyer, but that the business associates charged with defrauding him told him not to involve legal advisers and to “take a leap of faith” by transferring money to them.

“When you are trying to do good things, to find access to a system [and] to funds, is quite exciting,” said Mr Dacre, 60.

Of the scheme’s fine detail, he said: “I couldn’t ever get to the bottom of it. I couldn’t understand it. There was lots of speak I didn’t understand and ultimately I came to believe that what didn’t exist, did exist.”

Defendants Ian Yorkshire, 61, of Clarendon Villas, Brighton; lan Hunt, 65, of The Avenue, Poole; 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.