A pair of Ontario developers — known in Winnipeg as the proponents behind a cancelled plan to build a downtown skyscraper — are facing fraud charges in their home province following a lengthy investigation, RCMP said.
Jawad Rathore and Vince Petrozza’s Fortress Real Developments was the company behind the SkyCity condo project in Winnipeg — a proposed 388-suite skyscraper that was intended to become the tallest building between Calgary and Toronto.
The two men have been charged in Ontario as part of Project Dynasty, an RCMP investigation looking into a syndicated mortgage investment scheme — which police described as when two or more people invest in a single mortgage for one property.
Police said the investigation began after a public complaint about Fortress in 2016.
RCMP are alleging the Fortress founders acted fraudulently as part of a scheme where they didn’t disclose the risks to brokers and investors.
Police say both Rathore and Petrozza face charges of fraud and secret commissions, and will appear in a Toronto court Aug. 3.