A Richmond, B.C. man wanted on a Canada-wide warrant has been arrested after Three Hills RCMP investigated an alleged fake investment scheme involving a supposed JP Morgan Guaranteed Investment Certificate. Police say the victim sent nearly $730,000 by wire transfer before investigators determined the offer was part of a common scam.

A Richmond, British Columbia man has been arrested after police say a victim was defrauded of nearly $730,000 in a fake investment scheme involving a supposed JP Morgan Guaranteed Investment Certificate.

Three Hills RCMP began investigating the matter in February 2025 after a victim reported an investment scam connected to an online search for high-interest savings options.

According to police, the victim had been researching high-interest savings products online when they were contacted by someone claiming to represent JP Morgan. The victim was allegedly offered a Guaranteed Investment Certificate, or GIC, rate and later sent two wire transfers to a beneficiary company identified by police as Sunlife Holdings Inc.

The transfers totalled approximately $729,900. Police said the victim sent $500,000 in one transfer and about $230,000 in another.

Investigators later determined that JP Morgan does not operate as a GIC holder in Canada and that the supposed JP Morgan GIC was part of a common scam.

Three Hills RCMP then examined the bank account associated with Sunlife Holdings Inc. and identified the account holder. Police said they also determined that numerous wire transfers had been sent from that account to other bank accounts held at financial institutions in Canada and the United Kingdom.

Harprit Singh Gill, 47, of Richmond, was charged with fraud over $5,000 and laundering the proceeds of crime.

A warrant for Gill’s arrest was extended Canada-wide. Police said he was located and arrested in Richmond on May 6. He was remanded into custody following a bail hearing and is expected to be transported to Alberta for further court proceedings.

The case highlights the continuing risk of investment scams that misuse the names of major financial institutions to gain credibility. Fraudsters often approach victims after they search online for investment products, savings rates, or other financial opportunities. By presenting themselves as representatives of a recognized institution, scammers can make fraudulent offers appear legitimate.

Fake GIC and high-interest savings scams have become a recurring concern for Canadian investors, particularly where fraudsters use professional-looking communications, beneficiary companies, and wire transfers to move large sums quickly. Victims may believe they are placing funds into a secure investment product when, in reality, the money is being directed to accounts controlled by fraud suspects.

Police continue to warn investors to verify investment offers directly with the financial institution involved before transferring funds. Consumers should be especially cautious where they are contacted unexpectedly, pressured to move money quickly, or asked to send funds to a third-party company name that does not clearly match the institution being represented.

The charges have not been proven in court.

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Originally published on Canadian Fraud News.