A 62-year-old Brampton man is facing half a dozen charges in what police say was a Ponzi-style investment scheme that defrauded elderly victims of $1.4 million.
Police in Peel Region allege that in 2017, several victims invested money with a man and his company, BLM Canada Corporation, under the belief that he was a successful mortgage broker.
“Investors were told their funds would be used in private mortgages, a condominium development and a legal trust, with returns guaranteed,” investigators said in a release.
While some of those who invested did receive some money, police allege the investments were not legitimate and were funded using money from other investors, creating the illusion of returns.
Investigators say victims of the scheme were defrauded of approximately $1.465 million.
Navdeep Boparai, 62, was arrested on May 26 and charged with two counts each of fraud over $5,000, possession of property obtained by crime, and laundering the proceeds of crime.
He is scheduled to appear in court on June 29 to answer the charges.
Police say they believe there may be other victims, and anyone with information is asked to contact investigators.
A 62-year-old Brampton man is facing half a dozen charges in what police say was a Ponzi-style investment scheme that defrauded elderly victims of $1.4 million. Police in Peel Region allege that in 2017, several victims invested money with a man and his company, BLM Canada Corporation, under the belief that he was a successful Local
A 62-year-old Brampton man is facing half a dozen charges in what police say was a Ponzi-style investment scheme that defrauded elderly victims of $1.4 million.
Police in Peel Region allege that in 2017, several victims invested money with a man and his company, BLM Canada Corporation, under the belief that he was a successful mortgage broker.
“Investors were told their funds would be used in private mortgages, a condominium development and a legal trust, with returns guaranteed,” investigators said in a release.
While some of those who invested did receive some money, police allege the investments were not legitimate and were funded using money from other investors, creating the illusion of returns.
Investigators say victims of the scheme were defrauded of approximately $1.465 million.
Navdeep Boparai, 62, was arrested on May 26 and charged with two counts each of fraud over $5,000, possession of property obtained by crime, and laundering the proceeds of crime.
He is scheduled to appear in court on June 29 to answer the charges.
Police say they believe there may be other victims, and anyone with information is asked to contact investigators.
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