CALGARY -- A man wanted in connection to an alleged multi-million dollar investment fraud has returned to Canada and turned himself in to Lethbridge police.

In July, Josef Korec, 46, was charged with fraud over $5,000, possession of property obtained by crime over $5,000 and money laundering, however police said at the time he had fled to the Czech Republic.

Following negotiations with Alberta justice officials, through his lawyer, Korec returned to Canada on Sept. 6, arriving in Vancouver.

He completed a 14-day quarantine then turned himself in to Lethbridge police on Wednesday, said acting Sgt. Paolo Magliocco of the economic crimes unit.

Korec was released on $50,000 bail with a number of conditions, including that he attend court. His next court appearance is scheduled for Oct. 21 in Calgary.  

Dustin Ritter, 36, of Okotoks, is also charged with fraud over $5,000 and possession of property obtained by crime over $5,000. Ritter was arrested in July and is scheduled to appear in court next on Oct. 15.

The charges follow a two-year investigation by Lethbridge police.

Police allege the victim, a Lethbridge man, was seeking more than $25 million to build a project in Ontario.

RAEU Global, based in Calgary, and an Okotoks brokering firm – Taurus Capital – agreed to provide the money necessary to fund the project, however as part of the deal it was stipulated that a $3.1 million “down payment” was required.

"The victim raised the down payment by seeking out several of his own investors then met with RAEU representatives on multiple occasions to complete the transaction," police said in an earlier press release.

"The down payment was provided, but the loan was never fulfilled. Further investigation revealed the money was taken and transferred to bank accounts belonging to associates of RAEU, including several accounts in the Czech Republic."