A White City, Sask., woman is facing one count each of fraud over $5,000 and theft over $5,000 after allegedly obtaining a mortgage but not using the money for its intended purpose.

The Regina Police Service's financial crime unit opened an investigation after a complaint from shareholders in a company who had invested in an apartment complex in the city, according to a Tuesday news release from the police service.

Police allege that Edna Keep, 62, who was a director of the company, took out a "substantial" mortgage and the money was "not used to benefit the corporation," according to the news release.

A police spokesperson told CBC the mortgage that was alleged to have been obtained was for $150,000.

Keep was set to appear in provincial court on the charges Tuesday afternoon.