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Suspect arrested after Toronto victim lost over $200,000 in alleged investment scam

A 24-year-old man has been arrested in connection with an alleged investment scam in which fraudsters scammed a Toronto resident out of over $200,000 by pretending to be a global asset management company.

According to Toronto police, the suspects allegedly placed advertisements with internet search engine providers to promote several fraudulent investments.

When the victims clicked on the advertisements, they were directed to fraudulent investment comparison sites, where they were prompted to input their name, telephone number and email address.

Once the information was collected, the suspects would pose as representatives of Schroders Management Inc. and call the victims, police allege.

The suspects would then allegedly email the victims fraudulent Schroders prospectuses and application forms.

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Police said the suspects would offer the victims high return on investments with “seemingly little or no risk.” Subsequently, a victim in Toronto was defrauded over $200,000.

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On Friday, Toronto police said they charged Arvinder Singh of Brampton with fraud over $5,000, possession of proceeds obtained by crime over $5,000 and laundering proceeds of crime.

Police did not say if they were looking for any other suspects involved in the alleged scam.

Police also provided the following tips for prospective investors:

  • Be wary of any cold calls and/or unsolicited persons offering investments opportunities.
  • Do not rush into making a decision.  If possible, consult with a known financial planner and/or financial institution such as your home bank.
  • Contact the alleged investment company by phone to ensure the person is employed by them.
  • Conduct a Google search for any scams or complaints associated with the investment company.
  • Contact police if you suspect you have been the victim of an investment scam.

“Members of the public are reminded to be vigilant any time they’re searching for investment opportunities,” police said.

Investigators believe there may be more victims and anyone with information is asked to contact police at 416-808-4300, or Crime Stoppers anonymously at 416-222-TIPS (8477), or www.222tips.com.

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