TORONTO -- Police say they have charged an employee of a company in Markham, Ont. after he allegedly defrauded his employer of more than $5.4 million.

York Regional Police say their Financial Crimes Unit began investigating in August after a forensic audit showed that the business, located on Gough Road near 14th Avenue and Warden Avenue, had millions of dollars paid out to an unknown company.

An employee who worked as the company's controller was suspected of moving the funds into a private company he had set up, according to investigators.

It was discovered that the employee had allegedly transferred more than $5.4 million to his personal company.

Steve Ramcharan, 43, of Pickering was arrested on Sept. 15 and charged with fraud over $5,000 as well as criminal breach of trust.

He is scheduled to appear in a Newmarket courtroom on Jan. 8.

Police say the investigation is ongoing. Anyone with information related to the investigation is asked to contact the York Regional Police Financial Crimes Unit directly. Anonymous tips can also be left through Crime Stoppers.