06/21/2017 13:38 EDT | Updated 06/21/2017 14:00 EDT

Former owner of diamond business in Yellowknife faces fraud charges

YELLOWKNIFE — Mounties in the Northwest Territories say the former owner of  diamond-cutting and polishing facilities faces fraud charges for allegedly misrepresenting assets to secure a loan.

RCMP say they are seeking a warrant for the arrest of Deepak Kumar, who they say is reported to be outside of Canada.

Police say Kumar's businesses were located in Yellowknife and the allegations were first reported to them in 2015.

They allege that Kumar, as head of Deepak International Ltd., fraudulently misrepresented his assets in securing a loan from Callidus Capital Corp., a private commercial financing company in Toronto.

Police say the value of the alleged fraud is reported to be more than $1 million.

They're asking anyone with information to contact the RCMP financial crime section.