Toronto police say an alleged investment and real estate fraud involving a development company resulted in losses of approximately $3.49 million.

Investigators began receiving reports in 2025 involving Goldentrust Development Inc., which operated in the Willowdale Avenue and Sheppard Avenue East area. Police allege victims were approached with investment and real estate development opportunities and were promised returns, with some told that properties would be used as collateral.

According to investigators, victims provided significant sums of money before later discovering that representations about property ownership and the security of their investments were allegedly false. Other victims reportedly provided money for a home renovation project that was never completed.

Bingbing Dong, 41, of Markham, and Peng Zhang, 43, of Toronto, have been arrested and charged with fraud over $5,000. Police are also searching for Jiachen Dong, 37, of Toronto, also known as “Michelle Dong,” who investigators say worked as a real estate agent and may have fled to China.

The post Toronto Developer Investment Fraud Allegedly Cost Victims Nearly $3.5 Million appeared first on Canadian Fraud News Inc. | Fraud related news | Fraud in Canada.

Originally published on Canadian Fraud News.