Consumer protection officials have been forced to take legal action against a 65-year-old man who lost millions to scammers in West Africa yet continued to solicit funds from others to invest in a bogus scheme.

Since 2007, Peter Melvin Kleinig has sent millions of dollars to places such as Togo and Ghana, believing the money was going to an investment company.

The money came from Mr Kleinig's life savings, and from others whom he managed to convince to invest in the bogus scheme on the promise of repayment plus a reward.

The victims identified were from around Western Australia, including Albany, Esperance, Armadale and the Swan Valley.

A friend of Mr Kleinig's lost $2 million to the scam.

Acting Commissioner for Consumer Protection David Hillyard said authorities had tried repeatedly to convince Mr Kleinig that he was being defrauded.

However, they were largely ignored.

Arrests in Ghana no deterrent

"Officers from our anti-fraud initiative Project Sunbird have spent a lot of time trying to prove to Mr Kleinig that the silver and gold investment company he believes in does not exist," Mr Hillyard said.

He said police in Ghana had reportedly arrested nine people over the case, but even news of the arrests did not deter Mr Kleinig, and he continued to solicit funds to send overseas.

"It's extremely sad that Peter Kleinig has lost his life savings and refuses to accept that he is at the centre of an investment fraud.

"However, when the actions of a victim present a financial risk to other members of the community, authorities have a responsibility to step in to protect the public.

"That's why we have entered into this court enforceable undertaking."

The undertaking prevents Mr Kleinig from soliciting or accepting funds for the purpose of any investment.