WATERLOO -- A Guelph, Ont., mortgage broker is accused of carrying out several frauds over the course of nearly two decades.

Police announced an arrest on Wednesday but provided further details the following day.

According to a news release, Charn Ghuman ran mortgage brokerages under different names at 268 Waterloo Ave. and 715 Wellington St. in Guelph.

Police say a long investigation revealed that, between 1995 and 2014, the accused collected some $8 million in investments while paying back just over $1 million in interest using funds from other investors.

A brokerage listed at 268 Waterloo Ave., Superchoice Mortgages and Loans Ltd., had its license revoked by the Financial Services Commission of Ontario (FSCO) on July 29, 2014. In its decision at the time, it listed a Charn Ghuman as the principal broker.

There are at least 15 victims who suffered financial loss, police say.

One of Ghuman's alleged victims, who didn't want to be identified, said he lost $2 million and two properties as one of Ghuman's clients a decade ago.

"I almost lost my wife and my family, forget about the financial losses," he told CTV News Kitchener. "That's how bad it was."

The accused has been charged with four counts of fraud over $5,000, four counts of using a forged document, 22 counts of utter a forged document, and one count of mischief to data.

He's due in court on Nov. 3.

Police believe that there may be other victims and are continuing to investigate.

If you have any information regarding this investigation, police ask that you call Det. Const. Jackie Egger at 519-824-1212 ext. 7179.

None of the allegations against Ghuman have been proven in court.