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Toronto resident lost more than $200,000 in alleged investment scam; 1 suspect charged

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A 24-year-old man has been arrested after a Toronto resident lost over $200,000 in an alleged investment scam that impersonated a global investment company.

Toronto police said the suspects allegedly placed advertisements with internet search engine providers to promote several fake investments.

When the victims clicked on the ad, they were brought to fraudulent investment comparison sites, where they were prompted to enter their name, telephone number, and email address.

“Once the information has been provided, suspects posing as representatives of Schroders Management Inc. will then call victims,” investigators allege. “Suspects will then email fraudulent Schroders prospectuses and application forms to victims.”

Police added that the fraudsters offered high investment returns with seemingly little or no risk.

On Friday, police charged one suspect, Brampton resident Arvinder Singh, with fraud over $5,000, possession of proceeds obtained by crime over $5,000 and laundering proceeds of crime.

It’s unclear how many suspects were running the alleged scam and if any other suspects are being sought by police.

Investigators believe there may be more victims and ask them to call 416-808-4300.

Police provided the following tips to the public who are looking to become investors:

  • Be wary of any cold calls and/or unsolicited persons offering investment opportunities.
  • Do not rush into making a decision. If possible, consult with a known financial planner and/or financial institution, such as your home bank.
  • Contact the alleged investment company by phone to ensure the person is employed by them.
  • Conduct a Google search for any scams or complaints associated with the investment company.
  • Contact the police if you suspect you have been the victim of an investment scam.

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