Three people, including two pastors, are accused of defrauding investors $8.6 million over a five-year period, Toronto police say.

The three are accused of defrauding dozens of people between January 2005 and December 2010. The victims were told one of the accused was a successful trader in foreign currencies and were promised high rates of return, police say.

The victims invested their money in the form of loan agreements and investment contracts, and they received monthly statements showing growth.

“I was very, very disappointed that I entrusted in the person and it left me not in good standing at all financially,” Patrick who declined to provide his surname told CityNews.

But the investors eventually grew suspicious and complained to the Ontario Securities Commission, which concluded through a forensic audit that the accused defrauded investors of $8.6 million, including $4 million that’s still outstanding.

Police have so far identified 38 victims who lost $2.1 million. It’s believed large portions of the victims’ money is in Panama.

This week, Marlon Hibbert, 49, Verna Hibbert, 48, and Lorraine Bahlmann, 47, all of Toronto, were arrested and charged each with 38 counts of fraud over $5,000.

The Hibberts, co-pastors of the Life Centre Word of Faith Ministries, appeared in court on Thursday, while Bahlmann, the ministry’s administrative clerk, was expected in court on Friday afternoon.

Police say there was no evidence that churchgoers of the Life Centre were defrauded but some members of the Messianic Church of God, who got word of the high rates of return, were among the victims.

Police believe there may be more victims.