Four people have been charged in a one-year investigation into a multi-million dollar fraudulent loan scheme in the Toronto area.
The investigation, launched by the Serious Fraud Office (SFO) of the Ontario Provincial Police, began in January 2021 and focuses on a former business manager of the Royal Bank of Canada.
According to police, the manager “hired other employees to help attract involuntary customer borrowers to apply for government-guaranteed loans.”
Bank documents were allegedly fabricated during the process, police said, and forged leases and invoices were set up to ensure the loans were accepted.
Investigators claim that the funds from the approved loans were distributed to several “suppliers” directly related to the manager.
“It is alleged that approximately $ 10.5 million was paid, with borrowers receiving a small portion of the funds paid, while the ‘suppliers’ received the rest of the funds for work that was never completed.” a police statement said. Friday.
As a result of the investigation, four GTA residents – identified by police as 37-year-old Dylan Nanawati, 25-year-old Agash Mohan, 29-year-old Niksain Kalaimatian and 26-year-old Johnistan Amirtaratnam – were charged with fraud of more than $ 5,000 under the Canadian Penal Code. .
Nanavati faces an additional charge of forging documents.
The charges have not been proven in court.
SFO said it would not comment further on the investigation to protect the integrity of the trial.
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