09/24/2012 03:53 EDT | Updated 11/24/2012 05:12 EST

Bags Filled With $500K Lead To Money-Laundering Probe


Toronto police say a man brought duffle bags filled with cash to an east-end money-transfer business and attempted to send the $520,250 in funds south of the border.

The incident happened June 14 at a business on Lawrence Avenue East, near Warden Avenue.

Police say the duffle bags were filled with $20, $50 and $100 bills. The man who entered the store wanted to send that money, via wire transfer, to a location in Los Angeles.

The business did not complete the transaction and returned only a portion of the money to the man.

Police allege that man and others subsequently made threats and harassed the business owners in an attempt to recover the money.

A second man is alleged to have attended the home of a family member of one of the business owners in July. Police say he made a threat and that the funds were returned to the first man.

Two men were arrested this month, as part of what police describe as an “ongoing money-laundering investigation.”

A 45-year-old Richmond Hill man faces five criminal charges including attempting to launder the proceeds of crime and conspiracy to commit an indictable offence.

A 42-year-old man of no fixed address faces a single count of conspiracy to commit an indictable offence.