Police say Anshul Edison Fernando, who is 39, was picked up on Saturday by border services officers as he was entering Canada at the Calgary International Airport.
Two other suspects were already in custody.
All three face charges of fraud and theft over $5,000.
Police say they began investigating late last year after a senior complained of being defrauded of more than $8 million.
They allege that false charities were used as a front to persuade the senior to invest large quantities of funds.
The money was promised to be guaranteed and have a high rate of return on investment. As the fraud advanced, the senior was asked to pay large sums of money to have funds released from holdings.
Police say charities associated with the suspects were all found to be fraudulent and are not registered with the Canada Revenue Agency. The money donated by the senior is believed to have been funnelled to international accounts.
A significant amount of property and evidence was seized during several searches last week. It included forged bank and government documents, pyramid scheme accounts, $65,000 in gold, banking records, silver, jewels, coins and various types of currencies.
Also charged are Stefanie Haase-Fernando, 37, and 66-year-old Joseph Edison, also known as Joseph Edison Fernando. They are both from Calgary.
Investigators believe other people may have been approached to release funds for high-yield investments and are asking anyone with information to contact police.
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