Arrested individuals allegedly engaged in identity theft
Seventeen people have been arrested in Montreal in connection with an alleged $5-million real estate fraud scheme, police officials said.
The arrested individuals, seven women and 10 men, were described by police as being members of a fraud ring.
They allegedly used fake identification documents to borrow using five properties they do not own, and subsequently fraudulently open bank accounts in the real owners’ names.
Nearly half of Canadians consider mortgage fraud as a common occurrence in Canada, with a significant share believing that inflating income or misrepresenting employment is acceptable when trying to secure a mortgage..https://t.co/J0SDRKAaxU
— Canadian Mortgage Professional Magazine (@CMPmagazine) February 27, 2023
The accused allegedly attended virtual meetings with a notary, and then granted power of attorney to grant the property to another member of the fraud ring.
The financing they acquired from private lenders was withdrawn quickly after it was deposited in the fake bank accounts.
The suspects are facing changes of fraud, conspiracy, and money laundering. If convicted, the accused could face prison terms of up to 14 years, police said.
