A Kitchener, Ont. couple was arrested and charged Wednesday in an alleged $21 million investment fraud, according to the RCMP.

Police say investigators from the RCMP Serious & Organized Crime team arrested Vincent Carl Ciccone, 64, and Karen Rose Thomson-Ciccone, 60, both of Kitchener, Ont. They have been charged with fraud over $5,000.

The allegations have not been proven. Both the accused are currently in custody, police say, and they are scheduled to make their first court appearance Wednesday at the Waterloo Region Courthouse in Kitchener.

The RCMP say the scheme came to light after investor complaints sparked an investigation that revealed that at least 160 investors were allegedly defrauded of over $21 million. Police report that between 2006 and 2010, investors were enticed to make investments with the Ciccone Group of Companies, ostensibly to invest in day-trading, property development, or resort properties.

However, police say that their investigation found that “the majority of the funds were not invested by the accused and were instead re-directed to other non-interest paying schemes.”

Both the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Forensic Accounting Management Group (FAMG) contributed to the investigation.

“The RCMP is committed to protecting Canadians from fraudulent investments that serve to undermine the integrity of Canada’s financial systems.” said Inspector Todd Gilmore, officer in charge of the Kitchener RCMP detachment. “Maintaining Canada’s economic integrity is a priority for the RCMP and we will continue to work diligently to bring these criminals to justice.”