A former chief financial officer of a Winnipeg crane company has been charged with defrauding his former employer of millions of dollars.

Peter Ramdath, 42, is facing charges after police allege he swindled his former employer out of more than $4 million over five years. Ramdath has been charged with theft over $5,000 and fraud over $5,000, as well as falsification of books and documents and laundering the proceeds of crime.

On Thursday, police executed a search warrant at a home in East St. Paul, Man., and seized luxury items including jewelry, clothing, electronics and vehicles, as well as financial documents related to the case.

Ramdath was arrested that day at a business in Winnipeg. He remains in custody.

Court documents allege Ramdath and his wife were known to their friends for their "extravagant tastes," which included owning several luxury vehicles, multiple properties and expensive clothes, and taking exotic vacations.

'Deceptive strategies'

Police allege Ramdath used "several different deceptive strategies" in his position as chief financial officer to convert company funds to his own benefit between 2012 and 2017.

Ramdath worked at R. Litz and Sons Company Ltd., a crane and rigging company based in Winnipeg, from 2008 until his resignation in 2017, according to court documents. He started as a controller and was later promoted to controller and chief financial officer.

The extensive police investigation found the company suffered a loss in excess of $4 million in the five-year period.

The company, which filed for creditor protection and went into receivership in 2017, sued Ramdath for $3.1 million. In a statement of claim filed in Court of Queen's Bench on Oct. 30, 2017, Ramdath allegedly used multiple credit cards to make fraudulent purchases in the company's name.

"Ramdath's actions constitute high-handed, outrageous and unlawful conduct and show a wanton disregard for Litz Crane's rights," the statement read.

The case is still before the courts.

Luxury lifestyle

In a sworn affidavit filed by Litz's general manager as part of the company's creditor protection filing, Patrick Szypowski described how Ramdath would submit illegitimate invoices, sometimes marked with the words "fake invoice" or "faker," in order to inflate the company's accounts receivable, and thus allow for more funds to be drawn from the company's lines of credit.

Szypowski also explained that after Ramdath left the company, they discovered many crucial financial reporting documents were missing, along with a laptop that Ramdath used. Ramdath also removed the SIM card from a cellphone that he used, making it impossible to recover the data stored on it.

Watch Peter Ramdath's high-end nuptials:

Video from Peter Ramdath's 2014 wedding, which was described as "a lavish affair," was entered as evidence in his criminal case. 0:42

The company's GM also described Ramdath's wedding on Aug. 2, 2014, in the Crystal Ballroom at the Fort Garry Hotel as "a lavish affair." In a video of the event posted online, the couple describe themselves as "known by family and friends for their extravagent tastes ... Justyna says Peter's powerful sense of drive inspires her. He knows what he wants and will find a way to get it."

According to the affidavit, Ramdath owned a 2017 Maserati Levan S, a 2008 Aston Martin Vantage, a 2013 Cadillac Escalade Utility, and a McLaren MP4 sports car. Several of those vehicles had recently been sold or listed for sale.

At the time, Ramdath's salary was $85,000.

A McLaren sports car was among the luxury vehicles Ramdath drove. (Court exhibit)

Companies sued

Shortly before and after leaving Litz, Ramdath transferred ownership of some of his properties, including a house at 140 Brelade St. which he sold to his parents for $1.

Ramdath also owned other businesses, including two Anytime Fitness locations and Luxe and Charm, a luxury boutique that he co-owned with his wife, Justyna Rydzygowska. Both companies were sued by Royal Bank of Canada in 2018 for $109,506 and $20,529, respectively. The lawsuits stemmed from failure to pay back loans made to the companies.

The Court of Queen's Bench approved Litz's proposal made under the Bankruptcy and Insolvency Act in February 2018. Ramdath sought leave to appeal the proposal, but was denied.

"The company is continuing to operate under the terms of the proposal, which provides, amongst other things, for payments to unsecured creditors over a 48-month period," said Catherine Howden, a lawyer representing Litz Crane in its lawsuit against Ramdath and in creditor protection proceedings.

Howden said the company is "pleased" Ramdath has been arrested.