Six people face charges resulting from a joint investigation by the TTC and the Toronto police.
In a news release, police allege that "TTC employees were making purchases of equipment for personal use," which was "not used for any type of work conducted by the TTC."
Today, warrants were issued in Toronto, Mississauga and Penetanguishene.
Const. Rob MacDonald told CBC News that approximately $100,000 worth of property was seized.
A news release listed the following individuals as facing charges:
Amadeo Cuschieri, 55, faces charges of possession of property obtained by crime over $5,000, theft over $5,000, fraud over $5,000, criminal breach of trust and conspiracy to commit an indictable offence.
Maciej Zych, 49, of Mississauga, faces charges of possession of property obtained by crime over $5,000 and conspiracy to commit an indictable offence.
Dan Doron, 50, of Toronto, is charged with conspiracy to commit an indictable offence.
Steve Cuschieri, 34, of Mississauga, is charged with possession of property obtained by crime over $5,000.
Police say warrants have been issued for two other individuals.
John Barrie Mulhall, 66, of Toronto, faces charges of theft over $5,000, fraud over $5,000 and criminal breach of trust.
Lorenzo Lamanna, 56, of Uxbridge, faces charges of theft under $5,000 and fraud under $5,000.
After the news release was issued, MacDonald told CBC News that one of the two people wanted on warrants had turned himself in. The other was expected to turn himself in on Thursday.
The TTC’s chief executive officer, Andy Byford, issued a statement expressing "profound disappointment" about the charges laid against "three current and former TTC employees."
"These arrests and charges come after a lengthy internal investigation by the TTC's own internal forces. The investigation into this matter continues, with more arrests and charges to follow," Byford said in his statement.
TTC spokesman Brad Ross told CBC News that all but one of the accused are either current or former TTC employees.
Ross confirmed that Amadeo Cuschieri, who recently retired, had appeared on the most recent "Sunshine List" — the list of individuals on the provincial public payroll whose salary exceeds $100,000 in a given year.