On November 1, officers responded to a suspicious incident in the area of Yonge and Elm streets around 10 p.m.
A man was reportedly sitting in his parked vehicle when another man dressed as a Parking Enforcement Officer approached him and said he was going to issue him a parking ticket.
Police said the impersonator then suggested the money could be paid up front at a reduced interest rate.
The impersonator reportedly wore a bright yellow safety vest with the words “parking enforcement” on the back, a bulletproof vest, a light blue shirt, black pants and carried a brown clipboard with yellow paper tickets.
Police said they arrested a suspect in connection with the case on Wednesday.
Toronto resident Abdulhamid Mohamed, 22, was charged with impersonating a peace officer, extortion and possession of property obtained by crime, which police say is related to the money he took.
The charges have not been proven in court.
“Police would like to inform the public that officers and peace officers do not accept or process payment for fines,” Toronto police said in a news release.
Toronto police said they believe there may be other victims and are asking anyone who believes they are a victim or has information to contact them at 416-808-5100 or Crime Stoppers anonymously at 416-222-TIPS (8477).