A 31-year-old man has been charged over an $11 million cyber fraud in which he allegedly obtained the financial profiles and identities of more than 80 people to create fraudulent bank accounts and steal from their savings and superannuation accounts.

Adam Jones, originally from South Australia, was arrested at a public library in Green Square on Wednesday morning after authorities closed in on the elaborate scheme allegedly targeting victims across Australia.

Authorities estimate Adam Jones allegedly gained more than $11 million through the coordinated identity theft.

Mr Jones has been charged with 24 offences, including knowingly dealing with proceeds of crime, and dealing with identification information to commit an indictable offence.

He did not apply for bail at Newtown Local Court on Thursday, however bail was formally refused. He will next appear at the same court on April 2.