An Ajax, Ont., couple have been charged in connection to what police describe as an “elaborate and detailed” money laundering scheme operating in the Greater Toronto Area.
Toronto police said the investigation began in June 2016 after a franchise business owner received and deposited a cheque from a woman that ended up being fake.
“From there we continued with our investigation and revealed that there were many more victims,” Const. Micheal Lane told reporters during a press conference Friday morning.
Investigators said the couple used the cash from the cheque withdrawals to produce counterfeit IDs and open up personal and business accounts to obtain further credit products and loans. It is alleged they used the money to open up legitimate businesses.
“Part of the scheme was also to further solidify the business by creating websites, that if financial companies would try to ascertain whether or not this business was legitimate, they could provide information in relation to that business online.”
Investigators said a portion of the money was used to purchase vehicles that were then shipped to Quebec. A number of them ended up for auction and others were located on shipping containers.
In total, police said more than $8 million was lost or laundered.
Balasubramaniam Shanjeefkaran, 35, of Ajax and Sukanya Panchalingam, 30, of Ajax were arrested and charged with multiple offences including fraud over $5,000, possession of proceeds obtained by crime over $5,000 and laundering proceeds of money obtained by crime.
Police said Panchalingam worked for a financial institution as a fraud-detection agent.
Items seized during the investigation, dubbed Project Fellowship, included counterfeit documents, credits cards and cellphones.
Investigators believe there may be more victims and are encouraging anyone with information to come forward by calling 416-808-4200 or Crime Stoppers anonymously at 416-222-TIPS (8477).