The damage caused by an ex-Scotch College student’s get-rich-quick scheme continues to escalate, with up to half a million dollars or more in losses now estimated across five elite Melbourne schools.

The father of Alexander Beniac-Brooks has reportedly been forced to compensate juvenile would-be investors after his son’s online fashion business failed.

Alexander reportedly took investments ranging from as little as $500 to as much as $185,000 from students at Scotch College, Brighton Grammar, St Kevin’s College, Haileybury and Melbourne Grammar, a teen business associate told News Corp on Thursday.

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It also emerged another exclusive college — Trinity Grammar — had “shut down” the scheme’s operations within its own grounds.

Victoria Police has confirmed it will investigate the matter for potential criminality.

Some students reportedly received Rolex watches for investing in the failed business of Mr Beniac-Brooks.

Media reports vary as to what the young man traded in. There are reports these were branded items, such as luxury Gucci and Louis Vuitton, or that he sold his own personal brand of items sourced direct from manufacturers.

The gullible students ‘just gave him money’ despite knowing little about the scheme, an investor told News Corp.

“Lot of my mates got heaps of money back and it was all working,” the unnamed student told The Herald Sun.

“I don’t think anyone really knew [what they were investing in] but people just gave him money.

“The more you gave the more you got back.”

That is, until the bubble burst.

– with AAP