Former Cinar Corp. official in Montreal court

Cinar Corp.’s former chief financial officer Hasanain Panju will appear in Montreal court on Thursday.

Panju, who was arrested Wednesday morning, faces charges related to an alleged $120 million fraud.

Police are still looking for the company’s founder Ronald Weinberg and financier John Xanthoudakis, who have also been charged.

Mount Real president Lino Pasquale Matteo, 44, was arrested on Wednesday evening.

The Surete du Quebec raided the offices of the animation company Wednesday afternoon, laying 36 charges of fraud in total.

Police say they have evidence indicating Weinberg and Panju invested funds without Cinar’s authorization.

They also say the other two men charged permitted them to invest in the Bahamas, and helped to cover-up the investment.

Cinar Corporation is located in Montreal and produces children’s television shows, including Arthur, a two-time Emmy Award winner.

Scandals surrounding the company began in the late 1990s.

With files from the Canadian Press