Former Victorian Liberal Party state director Damien Mantach has been charged with 44 counts of obtaining financial advantage totalling about $1.5 million.

In August, Mantach was accused of embezzling election campaign funds, with the money alleged to have vanished over four years to fund his lifestyle.

An audit of the party's finances after last year's state election loss uncovered unauthorised financial transactions, with money missing from both state and federal campaign funds.

The Victoria Police fraud and extortion squad were called in to investigate.

Mantach, 42 from Ocean Grove, was Tasmanian Liberal Party state director from 2005 to 2008 before serving in the same role for the Victorian branch from 2011 to 2014.

He appeared in the Melbourne Magistrates Court this afternoon.

Mantach allegedly used bogus mail and logistics payments to fraudulently syphon campaign funds into his wife's bank account.

He is also accused of fraudulently paying out Liberal party campaign funds for "Campaign Mail Logistics" into an account in the name of his wife between June 2010 and December 2014.

Mantach said nothing in the court and only nodded to his lawyer, as he was led into the dock.

He did not apply for bail and was remanded in custody until his next court appearance in February.