Two suspects have been arrested and a third is being sought in connection to an alleged investment fraud scheme that resulted in financial losses totalling around $3.49 million, Toronto police confirmed in a release on Friday.Investigators say they received numerous reports of investment-related frauds involving a company called Goldentrust Development Inc., in 2025.The company had been operating in the Willowdale Avenue and Sheppard Avenue East area.Fraud unit officers say victims were approached regarding investment and real estate development opportunities and were promised returns on their investments and in some instances were told that properties would be used as collateral.“Victims provided the suspects with significant sums of money for investment purposes,” the release alleges. “Some victims later discovered that representations made regarding ownership of properties and investment security were false.”Investigators allege other victims provided funds toward a home renovation project that was never completed.On Tuesday, officers arrested two suspects.Bingbing Dong, 41, of Markham, and Peng Zhang, 43, of Toronto, both face charges of fraud over $5,000.Bingbing Dong, 41, of MarkhamPeng Zhang, 43, of TorontoA third suspect, identified as Jiachen Dong, 37, of Toronto, remains outstanding.She’s described as approximately four foot ten, and goes by the alias “Michelle Dong.”Investigators say she was working as a real estate agent and may have fled to China.