A Christchurch-based economist who lists Kiwi rich-listers as investors has been charged with fraud.

The Serious Fraud Office has filed five charges against Kelly Tonkin relating to false accounting, forging a fake audit letter and making false statements to cause losses or induce new investors.

The New Zealand Herald reports it's alleged to be one of the biggest frauds of its type in New Zealand history.

Tonkin has yet to enter a plea and will appear in court next week.