A Brampton man has been charged in connection with an alleged Ponzi-style investment scheme that police say targeted elderly victims and resulted in more than $1.4 million in reported losses.

Peel Regional Police say the investigation involves several victims who allegedly invested money beginning in 2017 with the accused and his company, BLM Canada Corporation. Police allege the victims believed the accused was a successful mortgage broker and were told their money would be used in private mortgages, a condominium development and a legal trust.

Investigators allege the investments were not legitimate. According to police, some investors initially received payments, but those payments were allegedly funded with money from other investors to create the appearance of returns.

Police say total reported losses are approximately $1,465,000.

Navdeep Boparai, 62, of Brampton, was arrested on May 26 and charged with two counts of fraud over $5,000, two counts of possession of property obtained by crime and two counts of laundering the proceeds of crime.

He was released on an undertaking and is scheduled to appear before the Ontario Court of Justice on June 29.

Police believe there may be additional victims and are asking anyone who has not yet come forward to contact investigators. Peel Regional Police are also reminding the public to verify credentials, review documentation carefully and seek independent financial or legal advice before committing funds to an investment.

Police say investors should be cautious of guaranteed returns, high-yield investments with little risk or pressure to invest quickly.

The post Brampton Man Charged in Alleged $1.4M Ponzi Scheme Targeting Elderly Victims appeared first on Canadian Fraud News Inc. | Fraud related news | Fraud in Canada.

Originally published on Canadian Fraud News.