Former Seven West Media Executive John Fitzgerald has been charged and remanded in police custody as part of a multi-million-dollar fraud investigation.

Key points: Police arrested a 57-year-old man at his Breakfast Point home on Wednesday morning

Police arrested a 57-year-old man at his Breakfast Point home on Wednesday morning It is alleged he used false invoices to siphon off $8 million from the network over 14 years

It is alleged he used false invoices to siphon off $8 million from the network over 14 years Police say about 700 invoices were used in connection to a number of bank accounts

New South Wales Police allege the 57-year-old misappropriated $8 million from the media giant over 14 years.

Mr Fitzgerald, who controlled the company's finances and television programming, was arrested at his home in Breakfast Point, Sydney, this morning and was charged this afternoon.

Seven declined to comment on the matter.

Police said detectives from the State Crime Command's Financial Crimes Squad set up Strike Force Hamment to look into the "misappropriation" of funds affecting the network.

The investigation had taken two years in an "extremely laborious and complex operation", police said.

Mr Fitzgerald is facing eight charges — two of misappropriation of money by an agent, two of obtain money by deception and four of obtain financial benefit by deception.

Charges reflect 'magnitude of the criminality'

Police allege the incidents cover 14 years of Fitzgerald's tenure at the company, spanning back to 2002.

John Fitzgerald controlled the company's finances and television programming. ( Facebook )

Detective Acting Superintendent Richard Puffett from the Financial Crimes Squad said it had investigated the matter when the network approached police after making their own internal inquiries, culminating in the arrest today.

"There have been a number of false invoices utilised," Superintendent Puffett said.

"We'll allege that this male has orchestrated the submission of these invoices and this has resulted in the funds being siphoned off to a number of bank accounts that have been set up by this individual."

Police allege that about 700 invoices relate to the $8 million, with a large proportion of the funds going to superannuation investments in real estate.

Police said they were not investigating anyone else in relation to the matter.

Superintendent Puffett said the charges will reflect "the magnitude of the criminality".

"We've been very tenacious in our investigation of it and we like to send the message that if you bite the hand that feeds you, we'll come after you," he said.

The investigation had covered correspondence, accounts and liaising with financial institutions and forensic accountants.

Mr Fitzgerald has been refused bail to appear at Burwood Local Court tomorrow.