Mark Seymour faced the Wodonga Magistrates Court on Thursday, charged with aggravated carjacking, after being extradited from Albury.

It's alleged a person lured him to the area, then Seymour and two others targeted the victim with weapons and stole his car.

A driver in a red Mitsubishi Colt had allegedly blocked his vehicle in at the ground before pulling out a silver revolver and yelling "get the f--- out of the car motherf-----".

Seymour allegedly raised up a machete as the victim said "don't hurt me" as the driver activated a stun gun.

The poker machine player at the centre of the dispute allegedly appeared with a machete, causing the victim to apologise.

He was told his car was being stolen as Seymour allegedly pulled out a black revolver, pointed it, and said "sign the car over".

The victim's blue Ford Falcon was driven to the nearby BP service station with the Mitsubishi, and the man was told he had two weeks to repay the debt.

If he alerted police, his car would be burnt.

The victim reported the matter to officers the following day and his vehicle was recovered at Cahill Place.

The Mitsubishi was recovered near Table Top and Ettamogah roads on Tuesday.

The court heard the offending stemmed from a $2550 pokies win at the Blazing Stump on May 3.

The victim cashed the winner's cheque, as the winner didn't have a licence on him, and later took out $2476.

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The winner texted him multiple times, allegedly making threats.

"I really hope u (sic) haven't spent it on your own sake trust me bro," he allegedly wrote.

"U wont get away with ripping me off will find u if not u your car."

Seymour is the only person who has been arrested over the incident.

Police hold concerns about the victim's safety for breaking the "code of silence".

They believe Seymour has a history of standing over people and that those involved in the carjacking are involved in ice trafficking in the area.

The guns haven't been recovered.

Seymour applied for bail.

"The facts that were read out before are completely wrong," he said.

The 31-year-old said he had a son, was expecting another child and wasn't a flight risk.

He was arrested in Albury on Wednesday and a search of his partner's car allegedly found a black machete.

He denied the allegations during an interview at Albury Police Station on Thursday and said he hadn't spoken to the man who won the cash on the pokies for years.

Detective Senior Constable Matthew Kille said there was "no shortage of people" who could help Seymour out in tracking down the victim.

Magistrate Lance Martin refused his bail application, noting Seymour hadn't shown exceptional circumstances justifying his release.

He said the allegations were serious and noted the guns were still outstanding.

A police brief of evidence must be served by July 29.

The matter will return to court on September 9.

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