Luigi Coretti, 47, also faces charges of fraud, making false declarations and fabrication of false documents.
The Laval resident owned the Canadian Bureau of Investigations and Adjustments, which conducted private investigations until it went bankrupt in 2010.
Tony Tomassi, who was Quebec's family minister, left the party and caucus in 2010 after allegations he had used a credit card supplied by the company. He sat as an Independent until he quit politics earlier this year.
Tomassi was charged with fraud and breach of trust last year. He is accused of accepting material reward from a company that has received millions in government grants. The incidents are alleged to have happened between 2007 and 2010.
He has said he will fight the charges and is to appear in court in September.
Charges against Coretti allege he was involved in a scheme to defraud financial institutions between 2005 and 2010.
Police say they have been conducting the investigation for five years.
He was released with conditions and will appear in court for arraignment at a later date.