Police have charged a Toronto man in connection with an alleged multi-million dollar investment scam.
York Regional Police say that they began an investigation into the matter in March, 2025 after a victim came forward.
Police say that the victim invested funds through a suspect, who owns the business Equity Line Service Corporation, in February, 2024. The victim “was promised a return on their investment” at the time but the funds were later misappropriated, police say.
Investigators say that they later learned of five additional victims who also invested money with the same suspect.
“It is believed the suspect misappropriated the investment funds from the victims for personal gain,” York Regional Police said in a press release.
Police say that more than $2.5 million was ultimately invested through the suspect.
Sergiy Shchavyelyev, 40, of Toronto, was arrested in December, 2025 and charged with six counts of fraud over $5,000.
Police released his image in a news release on Friday and made a public appeal for anyone with additional information to come forward.
“Investigators are releasing his photo as they believe there may be additional victims and encourage them to come forward,” the release states.