06/25/2012 01:15 EDT | Updated 08/25/2012 05:12 EDT

Luigi Coretti, ex-BCIA owner faces fraud charges

Quebec provincial police say they have arrested a Laval man in connection with a five-year-long fraud investigation.

Police allege that Luigi Coretti, 47, was involved in a scheme to defraud banking institutions between 2005 and 2010.

Coretti was arrested Monday morning and faces charges of fraud and falsifying documents.

Coretti is the former owner of the Canadian Bureau of Investigations and Adjustments (BCIA), a private investigation company that went bankrupt in 2010

His arrest is linked to an investigation that led to charges being pressed against Tony Tomassi, a former Quebec Liberal cabinet minister.

Tomassi admitted in 2010 to using a credit card belonging to BCIA for his personal expenses.

He was fired from cabinet and kicked out of the Liberal Party caucus.

Tomassi was charged with fraud and breach of trust in 2011.