Chinese currency fraud going on in Toronto

The Toronto Police Service would like to make the public aware of two ongoing fraud investigations.

It is alleged that:

– the suspect posted an ad on www.51.ca to exchange Canadian currency to the Chinese Yuan,

– a 45-year-old man responded to the site,

– the victim and suspect met on several occasions to arrange a sum of money to be sent to China,

– on Sunday, August 8, 2010, the two men met, at which time the suspect took the victim’s bag containing approximately $200,000,

– the victim did not receive the equivalent currency exchange in Chinese Yuan.

It is further alleged that:

– the suspect posted an ad on www.51.ca to exchange Canadian currency to the Chinese Yuan,

– a 33-year-old man responded to the ad,

– the victim and the suspect met on several occasions, to arrange a sum of money to be sent to China,

– on Monday, August 9, 2010, the victim met with the suspect at an address in the Warden Avenue/Finch Avenue East area,

– the suspect requested the money from the victim, then left with the victim’s bag containing approximately $400,000 and drove off,

– the victim did not receive the equivalent currency exchange in Chinese Yuan.

The suspect is described as Chinese, 40-45, 180 lbs., 5’7"- 5’9", with short, black hair. He speaks Cantonese, Mandarin and broken English.

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