This article was last updated on April 16, 2022
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In a unique case handling, Toronto police has announced to have laid charges against a group of 25 people who were found involved in an alleged extensive fraud scheme through shell companies, false documents and money laundering to cheat financial institutions out of millions. It was revealed that the group worked under variety of fake company names from March 2011 up till October 2012, and was able to deceive GTA financial institutions, most of which were major banks, out of a total of $8 million in loans they had no intention of paying back.
In an elaborative summary presented to the press, it was revealed that the group scammed business through their fraudulently created shell companies and applied for loans on their behalf. Later the accused pretended to be the accountants of the said companies that were again supported through further fraudulent documents and financial records. In few cases, they finalized loan by passing off buildings and equipment as their own.
Toronto police Det., Sarath Thayalan, explained that “there was no honest intent, there was no intent to use that money for a legitimate purpose.” She elucidated that “it was strictly designed to defraud a lender.” It was added that once the loans were granted, the money was quickly transferred from within Canada to as far away as Switzerland and Hong Kong. Police announced that a portion of the $8 million has been recovered, though it fears that there may be more victims and is appealing for any other victimized businesses or institutions to contact police immediately.
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