RCMP say two people have been arrested after 160 investors were defrauded over $21 million.

Vincent Carl Ciccone, 64, and Karen Rose Thomson-Ciccone, 60, both of Kitchener are charged with fraud over $5,000. The two were arrested on Wednesday.

In December 2010, police launched an investigation after they received several complaints from investors of the Ciccone Group of Companies. Kitchener RCMP determined that from 2006 to 2010, at least 160 people invested money into the group.

Police say investors were led to believe they could receive 20 to 30 per cent return on their investment, but the funds were used for other schemes.

Both are scheduled to appear in court on Wednesday.