Omar Farooq Kalair, age 38, of Toronto and Yusuf Panchibhaya, age 55, of Mississauga have been charged individually and jointly with the following offences:
– 198(1)(a) BIA – Fraudulent Disposition of Bankrupt’s Property
– 198(2) BIA – Failure to Comply with Duties of a Bankrupt
– 198(1)(b) BIA – Failure to Answer Fully & Truthfully
– 334(a) CC – Theft Over $5000
– 380 CC – Fraud Over $5000
– 462.31(1) CC – Laundering Proceeds of Crime
The charges are in relation to events surrounding the November 2011 bankruptcies of UM CAPITAL INC. and UM FINANCIAL INC. of Toronto.
The allegations relate to the misappropriation of approximately $ 4.3 million in mortgage payments, the purchase & disappearance of 32kgs of gold bars, and the abuse of the bankruptcy process.
The matter is scheduled for first appearance at the Ontario Court of Justice – Old City Hall courthouse in Toronto on February 21, 2014. The accused parties were instructed to surrender peacefully to authorities. On January 29, 2014, Yusuf Panchibhaya turned himself into the RCMP and was later released on conditions. Omar Kalair remains at large and is now subject of an Arrest Warrant.