A Calgary man accused in a multimillion dollar investment fraud has returned from the Czech Republic and turned himself in.
Josef Korec, 46, is charged with fraud over $5,000, possession of property obtained by crime over $5,000 and money laundering.
Also charged is an Okotoks man. Dustin Ritter, 36, was charged in July with fraud over $5,000 and possession of property obtained by crime over $5,000.
Alberta Justice and the Canada Border Services Agency helped facilitate Korec's return to Canada. When he arrived in Vancouver on Sept. 6, he quarantined for 14 days before travelling to Lethbridge to turn himself in and face his charges.
Money went to accounts in Czech Republic, police say
In June 2018, the Lethbridge police economic crimes unit initiated an extensive investigation into a multimillion-dollar investment fraud in Alberta, B.C. and Saskatchewan.
The victim had been trying to secure $25 million in capital to build a major project in Ontario.
An Okotoks brokering firm, Taurus Capital, and a Calgary-based investment company, RAEU Global, agreed to fund the project but asked the victim to put up $3.1 million as a down payment, according to police.
The victim raised the money by securing several of his own investors.
The down payment was eventually made, but the loan was never fulfilled.
Investigators determined the money was transferred to bank accounts belonging to RAEU associates, including several accounts in the Czech Republic, Lethbridge police said in a release.
Korec is set to appear in Calgary court on Oct. 21. He is currently on bail.