Mississauga lawyer arrested at airport for alleged fraud worth more than $10M: police

A Mississauga lawyer wanted for fraud valued in the millions of dollars was arrested after arriving at Toronto Pearson Airport on Wednesday, police say.

Peel Regional Police said in a statement that between June and December of last year, “numerous victims” retained the services of Shahid Malik, the owner of Shahid Malik Law Office in Mississauga, in order to settle real estate transactions.

Police said Malik received millions of dollars in trust for transactions to allow the victims to pay off their outstanding mortgages.

“It is further alleged that despite the victims’ numerous requests, Shahid Malik did not allocate these funds towards the outstanding mortgages,” the statement said.

“As such, each victim has suffered a significant financial loss.”

In January, police announced that a warrant had been issued for Malik, who was wanted on charges of defrauding the public and breach of trust.

At the time, police said the alleged loss to victims totalled $7.5 million. On Thursday, police said it’s believed the losses are in excess of $10 million.

Forty-one-year-old Malik, who is a Brampton resident, was arrested on the outstanding warrant at Pearson Airport Wednesday “upon returning to Canada,” police said.

He has been charged with defrauding the public and breach of trust.

Malik appeared in a Brampton court and was held pending a bail hearing scheduled for Thursday.

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“Mr. Malik used his position of trust to defraud a substantial amount of money from hard-working people in our community,” Supt. Hubie Hiltz said.

“This investigation and arrest demonstrated our commitment to pursuing offenders, preventing further victimization and the value of collaboration with the Canada Border Service Agency.”

Investigators said there may be more alleged victims.

Anyone with information is asked to contact Peel police’s fraud bureau at 905-453–2121 ext. 3335 or Crime Stoppers anonymously at 1-800-222-8477.