ONTARIO’S Peel Regional Police investigators from the Fraud Bureau have arrested and charged a 62-year-old Brampton man in connection with an alleged $1.4 million Ponzi-style investment scheme that targeted elderly victims.
It is alleged that beginning in 2017, several victims invested money with the accused and his company BLM Canada Corporation believing him to be a successful mortgage broker. Investors were told their funds would be used in private mortgages, a condominium development and a legal trust, with returns guaranteed.
While some investors initially received payments, police allege the investments were not legitimate and were funded using money from other investors to create the illusion of returns.
Total reported losses are approximately $1,465,000.
On May 26, Navdeep Boparai, 62, of Brampton, was arrested and charged with:
- Fraud over $5,000 (two counts)
- Possession of property obtained by crime (two counts)
- Laundering the proceeds of crime (two counts)
Boparai was released on an undertaking and is scheduled to appear at The Ontario Court of Justice on June 29.
Police believe there may be additional victims and encourage anyone who has not yet come forward to contact investigators.
Peel Regional Police remind the public to exercise caution when investing. Always verify the credentials of individuals or companies, review documentation carefully, and seek independent financial or legal advice before committing funds. Be wary of guaranteed returns, high-yield investments with little risk, or pressure to invest quickly.
For more information about fraud and prevention tips, visit the Canadian Anti-Fraud Centre.
Anyone with information regarding this investigation is asked to contact the Fraud Bureau at 905-453-2121, ext. 3335.
