Investment scam: Toronto resident loses $200,000; The suspect, an Indian, was arrested

 

Police have arrested an Indian-origin man who defrauded a Toronto resident of $2,00,000 by mistaking him as a global investment company. Arvinder Singh, a 24-year-old native of Punjab living in Brampton, was arrested by Toronto police. He was charged with fraud, possession of proceeds of crime and possession of black money. Toronto police said the ad was placed with an Internet search engine provider to encourage several fraudulent deposits.

Clicking on the ad prompts people to provide personal and financial information such as name, phone number and address on investment sites. The accused encouraged the informants to make investments and thereby extort money. The police said that apart from Singh, there are other accused and investigation has been started in the incident.