Toronto police these men are 3 of 25 people are facing charges in an alleged multimillion-dollar loan fraud and money-laundering investigation.

TORONTO -- Twenty-five people have been charged with operating a complex scheme that used fake documents, businesses and accountants to defraud lenders -- including "significant" financial institutions -- of millions of dollars, Toronto police said Monday.

From March 2011 to October 2012, the group is alleged to have stolen $8 million in loans from private lenders, banks and institutions, and then laundered the proceeds.

"The investigation suggests that these people targeted everybody and anybody who was willing to grant credit or a loan," said Det.-Const. Sarath Thayalan.

The lenders included "companies we all deal with on a regular basis," but Thayalan would not specify who had been targeted. The investigation began as a result of a complaint from a financial institution, he said.

Police allege that potential lenders were approached by people impersonating accountants. They would claim the loans were for businesses across the GTA that provided services including woodworking, printing, cabinetry and crown moulding, but police said those businesses were in fact shell companies.

Thayalan said the fake accountants allegedly provided large numbers of falsified documents and even took prospective lenders on tours of actual businesses purporting to be the phoney companies. Lenders were allegedly shown machinery and facilities and met people who were introduced as owners and employees of the fake company.

At least fifteen fraudulent loans were obtained, Thayalan said, including one for $1.7 million, although most ranged between $250,000 to $350,000. Some of that money was recovered, he said, and some has been frozen in accounts.

Three men appear to be at the centre of the alleged scheme, police said.

Daniel Kebbe, Elias Rassi and Michael Majeed, all 33, face charges including fraud over $5,000, attempted fraud, laundering proceeds of crime, possession of proceeds of crime, public mischief and conspiracy.

Several of those associated with legitimate businesses where the alleged staging took place have also been charged.

The accused are from Toronto and the surrounding region, including Brampton, Mississauga, Cambridge, Vaughan, Markham, Ajax and Bradford.

The fraud occurred in Ontario and those charged are mostly Canadian citizens, Thayalan said. But funds from the loans were also found outside of Ontario, appearing in accounts in the United States, Hong Kong and Switzerland, and one of the accused is currently abroad.

Thayalan said the "majority" of the accused will appear in court on Thursday. Several others will appear Aug. 1.

Police are not ruling out further arrests, and urge any financial institutions who have information on the case to contact them.

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