Lethbridge Police charging two men in connection to a multi-million dollar investment fraud.

Two years ago in June 2018, LPS began looking to a major fraud spanning across B.C., Alberta, and Saskatchewan.

It was determined a Lethbridge man had been bilked out of $3.1 millionĀ  by a Calgary-based investment company, RAEU Global.

Police say the victim was hoping to secure $25 million to build a major project in Ontario and after brokering with a firm in Okotoks known as Taurus Capital, they agreed to fund the project.

The catch, firm required a $3.1 million “down payment”. LPS say the victim raised the down payment by seeking out several of his own investors and then met with RAEU representatives on multiple occasions to complete the transaction.

Lethbridge Police say further investigation found the loan was never fulfilled and the money provided for that down payment had been transferred to bank accounts, several of those in the Czech Republic.

46 year old Josef Korec of Calgary and 36 year old Dustin Ritter of Okotoks are facing a number of charges relating to fraud and property obtained by crime.

Korec, who’s also accused of money laundering, left the country and has been living in the Czech Republic. A warrant has been issued for his arrest. Ritter, meanwhile was released from custody and is scheduled to appear in Lethbridge Provincial Court on September 3rd.