Man Arrested at Pearson Airport in Connection with Long-Standing Fraud
A man is facing charges in connection with alleged scheme to defraud businesses in Canada, the United States and India.
Peel police allege that in 2013, Fraud Bureau investigators uncovered a scheme in which two male parties approached businesses and convinced them that they had access to a large amount of investment money.
Police say the accused claimed the source of these funds was the royal family of the United Arab Emirates.
The victim companies would pay due diligence or advance fees in order to get approval for large loans to run their respective businesses, police say.
The losses to the businesses was in excess of $3 million.
In 2013, investigators arrested and charged a 50 year-old Hari Venkatacharya with three counts of forgery and one count of defrauding the public.
That same year, a Canada-wide warrant was issued for a second party, 52 year-old Dale Maharaj.
On Nov. 11, 2018, the outstanding suspect was arrested at Toronto Pearson International Airport as he arrived on a flight from Trinidad. He was charged with defrauding the public.
Police say he appeared in court on Nov. 12 for a bail hearing.
Anyone with information is asked to contact the investigators in the Fraud Bureau at (905) 453-2121, ext. 3335.