A group of Ontario investors say they lost millions after investing in what they believed were construction renovation contracts connected to a former executive at a Toronto-based property management company. Police in London and Toronto have confirmed they are aware of complaints, while the company says it was not aware of or connected to the alleged claims.

A growing group of Ontario investors say they have lost hundreds of thousands of dollars each after putting money into what they believed were construction renovation investment opportunities.

The allegations centre on Majde Fanous, a former vice-president of operations at The Signet Group, a Toronto-based property management company. Investors allege Fanous used his position, along with documents connected to construction projects, to convince them to provide funds with the promise that they would receive their principal and profits in return.

London, Ont., business owner Ammar Abdelhadi says he and his business partner lost more than $600,000 after investing in construction renovation contracts. Abdelhadi said Fanous showed him what appeared to be purchase orders, emails, and project-related materials that made the opportunities appear legitimate.

According to Abdelhadi, he has since connected with approximately 20 other people who say they also lost money. He believes the total losses may be around $3 million, though that figure has not been independently verified.

Abdelhadi said he initially received small payments, but payments stopped in March and communication with Fanous became increasingly sporadic. He said the financial impact has been severe because he used lines of credit to make the investment and now faces pressure from business expenses, employee payroll, and mortgage obligations.

Other alleged victims described similar financial and emotional consequences. London resident Nader Alsharif said he believes he lost $165,000 and may have to file for bankruptcy. Realtor Lena Karyouti said she declined to invest after feeling something was wrong, but later learned her brother had invested roughly $50,000 that had been saved for his son’s education.

The Signet Group said Fanous is no longer employed with the company. A spokesperson said the company was not aware of, and was not connected to, the claims Fanous is alleged to have been making during his employment. The company described the allegations as serious and troubling and encouraged anyone with information to contact investigators.

London police said investigators are aware of the allegations but could not provide further details because the matter is under investigation. Toronto police also confirmed they are aware of one complaint involving Fanous, but referred further questions to London police.

CBC News reported that it attempted to contact Fanous multiple times by email, phone, and text message but did not receive a response.

The investors say they are now waiting for the outcome of police investigations and hoping to recover at least some of the money they allege was lost.

The case highlights the risks associated with private investment opportunities that appear to be connected to legitimate businesses or construction projects. Fraudsters may use professional titles, company names, project documents, or early payments to build confidence before larger sums are transferred.

For investors, warning signs can include promises of unusually reliable returns, pressure to act quickly, reliance on personal assurances rather than formal third-party verification, and investment documents that are not independently reviewed. Before transferring funds, investors should confirm the opportunity directly with the company involved, obtain independent legal or financial advice, verify registrations where applicable, and avoid relying solely on documents or emails provided by the person promoting the investment.

The allegations have not been proven in court.

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Originally published on Canadian Fraud News.