Court rules in favour of labour-sponsored venture fund against fund manager

Surrey, B.C. resident Ravinderpaul Singh Mangat, also known as Rob Mangat, was arrested following an investigation by the B.C. Securities Commission’s (BCSC) criminal investigations branch.

Mangat, who was arrested in Vancouver on August 5, is facing fraud charges under the CriminalCode.

The charges allege that Mangat persuaded a Vancouver resident to invest $500,000 in a scheme that he called “Privileged Investment Group.” But instead of the high guaranteed returns that Mangat promised the investor, the money was used for Mangat’s own personal expenses, including the repayment of his debts. The alleged fraud took place between 2012 and 2014.

Mangat has been charged with two counts of fraud over $5,000 and has been released on bail of $10,000, which includes several conditions. No trial date has been set.

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