Arrest made in $450K fraud investigation

Toronto police have made an arrest and are looking for four more men as part of a $450,000 fraud investigation.

Officers allege the men used counterfeit money, coated in a thick dark substance, in a false commercial real estate deal.

The victim had advertised the property in October 2012. Police say he was then contacted by the five men who befriended him and told him they had a large sum of money coming in from South Africa.

However, there was a problem:  the cash was coated in a brown substance and required cleaning. The five men told the victim to cover the cost of the cleaning and promised him more money.

The victim eventually paid the men and the money turned out to be counterfeit.

He lost approximately $450,000, police said.

Herman Fankem, 32, of Montreal, has been arrested and charged with fraud over $5,000. He appeared in court on Wednesday.

Police believe there may be other victims.

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