Charges dropped against Australian Olympic swimmer Neil Brooks over $2 million fraud

The case against an Australian Olympic swimmer accused of a multi-million-dollar business fraud has been dropped by Queensland prosecutors.

Neil Brooks and his wife Linda were both charged in 2017 with one count of fraud.

More than three years after the couple were committed to stand trial, on Wednesday their charges were withdrawn in the Brisbane District Court.

Mr and Mrs Brooks, who have been on bail and allowed to live overseas, were not present when a judge formally discharged them.

The couple faced a committal hearing in 2021, where the court heard details about the alleged offending, which related to a sports merchandise business they had started.

It was alleged in 2008, when they were living on the Gold Coast, they made dishonest representations about the company's success, in order to induce two investors to purchase a 50 per cent stake.

It was alleged the investors agreed to pay $2 million, made up of a $1.65 million purchase price, with the remainder to be put toward working capital for the business.

At the time, Mr Books said he was "really confident" the charges would not hold up at trial.

"Once people see the evidence and the facts that are going to be rolled out ... I'll be clear of all these charges," he said in 2021.

"We know what happened, we were there."

Mr Brooks anchored the Australian medley relay which won gold at the 1980 Moscow Olympics.

He was also a member of the "Mean Machine" quartet at the 1982 Commonwealth Games in Brisbane, also winning gold.