You bet 600 Yarrawonga residents are angry at losing $74 million in punting club There were up to 1000 members in total. A SYNDICATE of 600 people in Yarrawonga has lost $73 million with the apparent collapse of the Vlahos punting club. The northern Victoria border town was the epicentre of the secret club, whose first rule was that it was not to be discussed. Furniture king Bill Guest and his company director Paul Bevilacqua, who owns a share in Black Caviar's half brother Jimmy, were among some of the high-profile investors. Former Demons president Don McLardy also lost money, as well as media identities and punters in legal circles and the building trade. One syndicate manager, who lost $9 million with a close group of friends, said the pain was widespread. Police on the scene after racing identity Bill Vlahos was assaulted outside his home. "In Yarrawonga there were 600 people, they lost $73 million," he said. With my $9 million, that's only two of the syndicates, how much money is there? Mr Vlahos said he would back horses in Melbourne and Sydney races each Saturday, laying bets through an overseas middleman Daniel Maxwell who promised higher returns that Australian corporate bookmakers. Mr Vlahos had direct contact with 20 syndicate managers, who in turn recruited their own members. Mr Allan Guest apparently lost money in the punting club. The Herald Sun understands members of the Yarrawonga Football Club were involved in the syndicate based in the town. Other members said they had lost more than $90,000 of their own money, before winnings were added. "I heard about it through a friend, it sounded too good to be true," one member said. I feel like an idiot. This was my savings of a lifetime, it came from not paying down my mortgage. We're all a little bit greedy, it's human nature. Former Demons President Don McLardy allegedly lost money in the punting club. Another member said he was introduced by a work mate but didn't see the alarm bells. "I was in it for three or four years, I just kept rolling it over," he said. People have been trying to get their money out for eight months. It fell over when a large investor wanted to get out. The chase the for the missing millions will now begin. But Mr Vlahos has no assets - his family home in Torquay is in the name of his wife Joanne. And his Westpac bank accounts have been frozen until he returns to court for a hearing into how much he owes a company called Aloga, which was the name used by one of the club members. USA buyer John Brocklebank. Mr Vlahos had lunch with the Herald Sun last week where he promised to pay back all funds within two weeks. He said members trusted him. Mr Vlahos did not return calls or text messages yesterday. Mr Guest, Mr Bevilacqua and Mr McLardy have all declined to comment.