Guelph police say there could be more victims after arresting a man in connection with a mortgage fraud scheme that dates back 25 years.
On Tuesday, police announced the arrest of 73-year-old Charn Ghuman. He’s been charged with 26 counts related to forged documents, four counts of fraud over $5,000 and one count of mischief to data.
Police allege that between 1995 and 2014, Ghuman collected $8 million through a series of mortgage frauds and paid just over $1 million in interest back by using funds from other investors.
Investigators have been looking into Ghuman’s “deceitful conduct” since 2012 and say there are at least 15 victims who have suffered financial loss.
Ghuman operated mortgage brokerages under various names, including one at 715 Wellington St. and another at 268 Waterloo Ave. under the name Superchoice Real Estate Ltd.
The Financial Services Commission of Ontario (FSCO) revoked Superchoice’s brokerage licence in 2014.
During the proceedings, Superchoice and Ghuman did not admit to any allegations, but they also turned down a hearing.
In 2015, the Real Estate Council of Ontario revoked his registration as a broker and revoked the registration of Superchoice as a brokerage.
Global News has reached out to the FSCO and the Real Estate Council of Ontario for more information.
Ghuman is scheduled to make a court appearance on Nov. 3.
A Guelph police spokesperson said investigators would not be releasing any further information regarding the case.
But they do believe there are other victims and the investigation is still continuing. Anyone with information is asked to call police at 519-824-1212 ext. 7179.
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