LONGUEUIL – Quebec provincial police combed the area around Greater Montreal Wednesday in search of 34-year-old Antoine Royer of Longueuil.
Officials believe he is part of an alleged fraud ring accused of siphoning off $14.5 million in Quebec taxes by manipulating retirement accounts.
Details are still vague as to the exact nature of the fraud. The Surete du Quebec has confirmed that their investigation, known as Projet Ilot, started two years ago. According to Revenue Quebec, a group of nearly a dozen people in Montreal manipulated a form of long-term investment known as the Individual Retirement Account or IRA.
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An IRA allows an investor substantial tax savings. It generally requires that people leave their money in the account until they near the age of sixty.
Revenue Quebec asserts the ring devised a way to attract investors to put money in IRAs and then circumvented paying provincial taxes when withdrawing the money. SQ officials said that there are as many as 300 other participants in the alleged scheme who could face charges, but added they need to investigate the circumstances further.
The alleged scheme spread over four continents and involved several other countries, according to the SQ. In a statement, Revenue Quebec confirmed that the agency has also seized property on Nun’s Island in Montreal related to this investigation.
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