Three men are facing several charges following a police probe into investment fraud.
Toronto police said four loans, totalling $20 million, were acquired following a business proposition under the company name "New World Engineering Corporation."
The money was then removed from an account for personal use between October 2005 and May 2006, police allege.
Police said the company claimed to supply and service large pieces of equipment.
John Cheong, 48, of Thornhill; Frederick Bain, 47; and Bulent Parkil, 36, both of Toronto; face a total of 22 charges.
They are due in court next month.
