Toronto police investigating alleged mortgage fraud worth $5 million

Toronto police are searching for a man accused of taking out mortgages on other peoples’ property without their knowledge.

They say the scheme began in August 2020 and allege the man obtained more than $5 million in mortgages from lenders throughout the Greater Toronto Area.

Police say the man — who identified himself as Lucas — posed as a private mortgage broker and set up fictitious lenders, borrowers and companies to obtain private mortgages.

They say the man used his own image on a fake ID.

He’s described as being between 25 and 30 years old and is wanted on charges of fraud, conspiracy and uttering forged documents.

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Investigators are urging people in the mortgage and legal professions to be vigilant in confirming the identities of people during real estate transactions.

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© 2021 The Canadian Press

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