Toronto police have filed charges against 25 people in an $8 million loan fraud and money laundering case that targeted lenders.
Police said Monday that they have arrested and charged 25 people in connection with an investigation that they say uncovered an organized scheme to defraud several financial institutions in the Toronto area, and to launder the proceeds. The allegations have not been proven, and the investigation is ongoing.
The alleged scheme involved the creation of shell companies, which were used to apply for loans from banks and other financial institutions; large amounts of fraudulent documentation; the impersonation of legitimate accountants; and, efforts to launder money both locally and internationally, police charge.
Police believe there may be more victims, and they say their investigators would like to speak to any businesses that have received credit applications or financial documents from businesses named in connection with the scheme including: Omnium Financial Group of Woodbridge, Ont. and Yorkshire Capital of Concord, along with various manufacturing companies.
Police also released photographs of several of the accused in the hope that they may be identified that way, rather than by name.