A 26-year-old man is facing several charges after a senior lost more than $250,000 in cryptocurrency in an alleged online romance scam.

Peel Regional Police’s (PRP) Fraud Bureau said that the suspect met a 73-year-old woman on an online dating website in September 2022 and started communicating with her daily via text and phone calls.

Investigators said the suspect then claimed that he owned an oil rig in the Middle East and urgently needed money. He reportedly promised to repay the victim telling her that they would eventually meet in person, police said.

She then sent him more than $250,000 in cryptocurrency.

Police said that after seeing a media report about “romance scams," the victim realized that she had been the target of one.

On Wednesday, members of PRP’s Fraud Bureau executed a search warrant at a suspect’s residence in Toronto and arrested and charged 26-year-old Chimezie Nwabueze. He faces one count each of fraud over $5,000, utter forged documents, and identity fraud as well as two count of possession of property obtained by crime.

Police said they also allegedly located and seized high-value jewelry, a luxury automobile, and proceeds related to the offences.

Nwabueze has since been released on an undertaking and is set to appear in court on Dec. 11.

Police believe there may be more victims and are asking anyone with information to contact PRP’s Fraud Bureau at 905-453-3311, ext. 3335, or Crime Stoppers anonymously at 1-800-222-8477 (TIPS) or peelcrimestoppers.ca.