Toronto police have charged a self-proclaimed "venture capitalist" with fraud in connection with a scheme that police say involved several single women and senior citizens who lost a combined total of approximately $1.5 million.

Arvind Kumar Sanmugam, 49, faces two counts of fraud and several other charges after police allege he ran a series of schemes by playing the part of a financial planner and convincing two women that he would marry them.

Detective Tom Hartford, of Toronto's Fraud Squad, described the accused as a smooth-talker who dressed well and used politeness and charm to seduce his victims.

"He really portrays himself as an entrepreneur, an international businessman," Hartford told CTV.ca.

A bizarre collection of victims have been identified, including a doctor he planned to marry after meeting on a dating website, her parents, a widowed senior from Vancouver and a woman he hired to drive him to meetings.

According to police, Sanmugam describes himself as an international businessman and venture capitalist. He is listed in an online business profile as the chairman of a company that trains international police forces by Canadian standards and the chairman of Chez Leeloo, an Indian food and beverage company that employs allegedly more than 6,000 employees.

His profile says his goal is to use 90 per cent of his salary to fund charities.

Hartford said Sanmugam lives in Toronto but has no status as a Canadian.

A fraud investigation began when a widowed senior from Vancouver complained that she was bilked of her life savings and forced to sell her home and move into a rented apartment.

Police allege Sanmugam met the aged retiree through her grandchildren. Having no driver's licence himself, he hired a woman to drive him to the meeting in a Bentley to keep up appearances, Hartford said.

"He told her he could help her with her financial independence," said Hartford. "He told her he could keep her financially secure forever. She bought into it and lost everything she had."

Hartford said that driver, one of Sanmugam's two fiancées, is another fraud victim.

Police allege Sanmugam used an online dating service to meet some of his victims, including a South Asian doctor in Toronto -- his other fiancée -- and has targeted both her and her parents.

Sanmugam is known to travel across Canada, specifically to Halifax, Montreal and the Vancouver area. Hartford said anyone with information should contact Toronto's Fraud Squad.

Sanmugam is charged with two counts of fraud, failure to comply with an order to cease online trading and a criminal breach of trust.

He is scheduled to appear in court at College Park on Monday, September 13, 2010, in the afternoon.