KAWARTHA LAKES-Members of the Serious Fraud Office for Ontario (SFO) have charged four people from the Greater Toronto Area following a lengthy investigation into multi-million dollar loan approvals received through fraudulent means.
Beginning in January 2021, the SFO investigation focused on a former business manager at the Royal Bank of Canada (RBC) with specific knowledge of a Government of Canada-supported loan program according to officers. Police say the individual engaged other associates to help solicit unwitting client borrowers to apply for Government Guaranteed Loans (GGL). The program was offered by all Canadian banks to assist small businesses with business or leasehold improvement loans. It is alleged that bank documents were fabricated and fictitious lease agreements and invoices were then created to ensure that the loans would be accepted. After the GGLs were approved, funds were allegedly disbursed to several ‘vendors’ who were directly associated to the former business manager. Police alleged that approximately $10.5-million was disbursed, where the borrowers received a small portion of the funds that were disbursed while the ‘vendors’ received the remaining majority of funds for work that was never completed.
Four GTA residents have been charged with offences contrary to the Criminal Code of Canada as follows:
Aggash MOHAN, aged 25 years of Scarborough, is charged with:
·       Fraud Over $5000 – s380 (1)(a)
Nicksain KALAIMATHIAN, aged 29 years of Scarborough, is charged with:
·      Fraud Over $5000 – s380 (1)(a)
Jonnystan AMIRTHARATNAM, aged 26 years of Scarborough, is charged with:
·      Fraud Over $5000 – s380 (1)(a)
Charges against a fourth person were withdrawn at the request of the crown.
The SFO acknowledges the important contributions made by both Peel Regional Police Service and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Ontario’s Serious Fraud Office (SFO) is a multi-disciplinary team of uniform and civilian subject matter experts who investigate and prosecute serious fraud and complex financial crimes. The SFO has dedicated staff with representation from the Ministry of the Attorney General (MAG), Ontario Provincial Police, York Regional Police, Peel Regional Police, Barrie Police Service and the RCMP.
Serious fraud is defined as a fraud that has a significant impact on society and/or significant financial loss in totality. Serious frauds can incorporate corruption, collusion, multiple jurisdictions and/or elements of organized crime. The consequences have serious impacts on victims (seniors, marginalized individuals, and youth) and erode public confidence in democratic processes, government integrity and financial sector stability.
