TORONTO - Four Toronto residents have been charged with fraud involving small business loans totalling more than $1.4 million.

RCMP allege the accused obtained a total of eight loans using false invoices, leases and financial documentation.

The applications said the money was for equipment and other improvements, but police say the accused directed it to their own use.

David Caporiccio, 42, Italo Sabato, 52, and Daniel Plechac, 33, are due in court today to face charges of fraud over $5,000.

Police say a Canada-wide arrest warrant has been issued for Sarabjit Singh, 38, who is believed to have left Canada.