A Bowmanville man faces several charges after a Kitchener business said it lost over $70,000 due to fraudulent electronic fund transfers.

Waterloo regional police said the fraud was reported in January 2021. 

Through investigation, police identified the suspect and executed search warrants at two locations in Toronto. A 31-year-old man was located at a residence and arrested. 

Officers seized jewelry, cell phones, a safe, credit and debit cards, a currency counter, drugs and approximately $50,000 in cash.

The man was charged with fraud over $5,000, theft over $5,000 and possession of property obtained by crime.

The accused has been held in police custody to await a bail hearing.