A fraud scheme operator has been charged with 38 theft and deception offenses, totaling €11 million ($14 million) by a Dublin Court.

Businessman Breifne O'Brien  was arrested in Dublin on Thursday morning by fraud squad detectives. He was later brought before Dublin District Court and charged with 38 offenses under the Theft and Fraud Act.

Det Sergeant Martin Griffin told the court that when the charges were put to him, O’Brien responded "not guilty" to each one.

Dressed in a navy blazer, grey jumper and dark grey trousers, O’Brien did not address the court during the hearing.

Read More: Breifne O'Brien: the Irish Bernie Madoff

O’Brien, with an address at Kilmore, Monkstown Grove, in south Co Dublin, faces 19 theft charges and 19 charges for deception relating to five investors; Martin O’Brien, Pat Doyle, Evan Newell, Louis Dowley and Daniel Maher.

It is understood that up to €4 million ($5 million) alone was stolen from Dowley, who is a Tipperary dairy farmer.

The 51-year-old was granted bail after his mother, Mary O’Brien, put herself forward as an independent surety of €10,000 ($12,948).

A Cork born financial adviser, O’Brien was ordered to surrender his passport.

He is due to appear in Dublin District court again on November 1, when he will be served with a book of evidence.

Business man and alleged scam artist Breifne O'BrienGoogle Images