Luis Nobre, 49, was one of a number of fraudsters who posed as financiers in order to trick Allseas, a Dutch shipping company, into handing over money, heard the trial at Southwark Crown Court.
Mr Nobre denies one count of acquitting criminal property, five counts of transferring criminal property and three counts of possession of articles in use of fraud.
The Times have reported that the gang was able to convince Allseas they could increase the country's €100 million into €1.2 billion over a three year period.
But the whole scheme was exposed when Barclay's Bank became suspicious.
Prosecuting, David Durose said that: "Allseas were seeking to raise capital in order to fund the building of a new ship and had available the enormous sum of €100 million to invest.
"Ultimately it is clear that the individuals who ended up advising them were not the international financiers that Allseas thought they were."
The trial continues.
