CALGARY – The man behind the failed and disgraced Platinum Equities Ltd. is accused of defrauding hundreds of Canadian investors and stealing millions of dollars.
The Calgary RCMP Organized Crime Unit has charged 42-year-old Srinivasan “Sharif” Chandran of Calgary with fraud and theft over $5,000.
RCMP allege Chandran raised money to invest in commercial real estate properties between 2005 and 2013 but, “provided false information to investors, diverted funds to other business ventures outside of the investment agreement and stole investors funds.”
The RCMP allege the loss reported by investors is approximately $20 million.
The charges related to Qualia V Real Estate Investment limited partnership and the purchase of Dominion Place at 906-12 Avenue in Calgary.
Police accused him of fraudulently selling the building in 2011 in a non-arm’s length transaction to another company he controlled and operated, without the knowledge or consent of the limited partners.
Chandran was arrested on Aug. 17, 2015 and appeared in Calgary Provincial Court.
In Sept. 2014, Chandran and Platinum Equities were fined $1 million by the Alberta Securities Commission for a real estate fraud.
His sister, Chitra Chandran, who also held positions with the company, was fined $150,000.
The ASC ruled over $58 million was raised from Platinum investors, mostly through illegal trades and distributions.
© 2015 Shaw Media