A 62-year-old Punjabi-origin man living in Brampton has been arrested by investigators from the Peel Regional Police’s Fraud Bureau in connection with an alleged $1.4 million Ponzi-style investment scheme that targeted elderly investors.
As per a Peel Regional Police (PLP) release, the alleged fraud began in 2017 when several victims invested money with the accused and his company, BLM Canada Corporation, believing him to be a successful mortgage broker.
Investors were told their funds would be used in private mortgages, a condominium development and a legal trust, with guaranteed returns.
While some investors initially received payments, police allege the investments were not legitimate and were funded using money collected from other investors to create the illusion of returns. Total reported losses are estimated at approximately $1,465,000.
On May 26, Navdeep Boparai, 62, of Brampton, was arrested and charged with fraud more than $5,000, possession of property obtained by crime, and laundering the proceeds of crime. He was released on an undertaking and is scheduled to appear The Ontario Court of Justice on June 29.
Police believe there may be additional victims and encourage anyone who has not yet come forward to contact investigators.
In a press communique, Peel Regional Police remind the public to exercise caution when investing. It advised investors to verify the credentials of individuals or companies, carefully review documentation, and seek independent financial or legal advice before committing funds. Police also warned the public to be wary of promises of guaranteed returns, high-yield investments with little risk, or pressure to invest quickly.
