Arrest Made and Warrant Issued in Mortgage Fraud
Posted On Friday October 20, 2023
Region of Peel – Investigators from the Peel Regional Police Fraud Bureau have arrested and charged a 39-year-old man concerning an alleged mortgage fraud that occurred in the City of Brampton. Investigators seek the public’s assistance in locating a second male responsible for the alleged incident.
In 2021, Dreamz Holdings Limited, a private lending company owned and operated by the victim, was approached by a mortgage agent identified as Satyamkumar Trivedi, regarding an investment. The victim was deceived into providing a second mortgage valued at over $600,000 for what he believed was a gas station business in Barrie. When the lender did not receive any payments, he tried to locate the borrower, but could not find him. He also learned that the information used in the application for the mortgage, including photo identification, was falsified. The victim reported the incident to police, and after a thorough investigation, investigators identified the second culprit, who acted as the borrower, as Stephen Spencer.
On Wednesday, October 4, 2023, investigators arrested and charged Satyamkumar Trivedi, a 39-year-old male of East Gwillimbury, with fraud over $5000. He is scheduled to appear at the Ontario Court of Justice in Brampton at a later date.
An arrest warrant has been issued for Stephen Spencer, a 53-year-old person. He is wanted on the following charges:
- Obtain Good Based on Forged Documents
- Fraud Over $5000
- Utter Forged Documents
- Using Counterfeit Stamp
Peel Regional Police remind all lenders to be vigilant in reviewing mortgage and loan applications, whenever feasible, personally interviewing individuals applying for a loan and viewing properties for which they are issuing mortgages. Additionally, information on mortgage agent and mortgage credentials can be found on the Financial Services Regulatory Authority of Ontario (FSRA) website (https://www.fsrao.ca/) Please visit the Canadian Anti-Fraud Centre for more tips on how to protect your business. www.antifraudcentre-centreantifraude.ca
Anyone with information is asked to contact the Fraud Bureau at (905) 453–2121, ext. 3335. Information may also be left anonymously by calling Peel Crime Stoppers at 1-800-222-TIPS (8477), or by visiting peelcrimestoppers.ca.
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