Former Australian Olympic swimmer Neil Brooks says he and his wife have nothing to hide and will fight charges over an alleged $1.95 million fraud.

Police have alleged Mr Brooks and his wife were directors of a sports manufacturing company that made dishonest representations about the success of the business, in order to induce an investor to purchase a 50 per cent stake.

In the Brisbane Magistrates Court today, Mr Brooks was granted bail until November and left the Brisbane watch house this afternoon with bail conditions that allow him to reside in Hong Kong.

Linda Brooks arrives at the Magistrates Court in Brisbane on Monday. ( AAP: Regi Varghese )

"I'm looking forward for my day in court," Mr Brooks said as he left the watch house.

Mr Brooks, 55, is best known anchoring the Australian medley relay which won gold at the 1980 Moscow Olympics.

His wife Linda, also known as Elle, is also facing a fraud charge but was not permitted to travel to Bali when she made a bail application in a separate courtroom, which was adjourned.

"When I heard about it I contacted the police, I came straight back under my own steam," Mr Brooks said.

"It's been a tough 10 years but I am actually looking forward to facing my accusers and setting the record straight and feel really comfortable about what the outcome is going to be."

He said he has not been avoiding returning to Australia and has been in Hong Kong where he has a coaching contract.

"Never been on the run, didn't even know about it, this is the first time I've actually spoken to the police."

Ms Brooks also spoke outside the court complex.

"This has been going on for far too long, we've come back to answer the allegations of which we will be obviously fighting and it's a long time in clearing our name," she said.

Court documents show police allege Ms Brooks "dishonestly induced" Glenn Melcheck to deliver $1.95 million to Alfords Operations Pty Ltd at the Gold Coast suburb of Southport in 2008.

Former Olympic swimmer Neil Brooks with his wife Linda Brooks, also known as Elle Brooks. ( Facebook )

Detectives from Queensland police's financial and cyber crime group arrested Mr Brooks this morning when he flew to Brisbane from Hong Kong.

Ms Brooks, 45, surrendered herself to authorities in late October after flying to Perth.

Magistrate Suzette Coates said she was unhappy with Ms Brooks' proposed bail conditions, which police prosecutor Matt Kahler said would allow her to live in Bali.

"So I'm going to let her trot off to Bali? That's magical isn't it?" Ms Coates said.

Sergeant Kahler replied: "It's not ideal, your honour."

Ms Coates said she would not be "just ticking off on some bail application".

"I need more information than 'she'll be right mate'."

Ms Brooks' bail application was adjourned until Tuesday morning.