Investigators from the Peel Regional Police fraud bureau have arrested and charged a 39-year-old man for an alleged mortgage fraud in the city of Brampton, Ont. Investigators seek the public’s assistance in locating a second male suspect.
In 2021, Dreamz Holdings Limited, a private lending company owned and operated by the victim, was approached by a mortgage agent regarding an investment, a release from Peel police states. The victim was deceived into providing a second mortgage valued at over $600,000 for what he believed was a gas station business in Barrie.
When the lender did not receive any payments, he sought but was unable to locate the borrower, police say, adding that he also learned the information used in the application for the mortgage, including photo identification, was falsified. The victim reported the incident to police, and investigators identified the second suspect, who acted as the borrower.
On Oct. 4, investigators arrested and charged Satyamkumar Trivedi, a 39-year-old man of East Gwillimbury alleged to be the mortgage agent, with fraud over $5,000. He is scheduled to appear at the Ontario court of justice in Brampton at a later date.
An arrest warrant has been issued for 53-year-old Stephen Spencer, the accused borrower, police say.
Anyone with information about this case is asked to contact the fraud bureau at (905) 453-2121 ext. 3335. Information may also be left anonymously by calling Peel Crime Stoppers at 1-800-222-TIPS (8477) or visiting peelcrimestoppers.ca.
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