Toronto Police have arrested a 53 year old man, wanted in the US.

Franzie Colaco is being held in custody and is currently awaiting extradition proceedings.

Cops say between March of 2009 and the fall of 2010, Colaco allegedly made false tax claims defrauding the US Government of around 15 million dollars.

He's wanted in by the Internal Revenue Service in the US on numerous counts of tax-fraud offences.