$1.4 million investment Ponzi scheme leads to charges for Brampton man, police say

Police have charged a Brampton man who they say was part of a $1.4-million investment scam that preyed on elderly victims.

The Ponzi-style investment scheme started nearly a decade ago in 2017 when several victims invested money with a Brampton man and his company BLM Canada Corporation, Peel Regional Police say.

Investigators say the elderly investors believed the man was a successful mortgage broker and were told their funds would be used in private mortgages, a condominium development and a legal trust, with returns guaranteed.

And while some investors initially received payments, police say the investments were not legitimate and were funded using money from other investors “to create the illusion of returns.”

Total reported losses are approximately $1,465,000, police say.

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

The accused was released on an undertaking and is scheduled to appear at The Ontario Court of Justice on June 29.

Investigators say there may be additional victims and are urging anyone with information to come forward.

“Always verify the credentials of individuals or companies, review documentation carefully, and seek independent financial or legal advice before committing funds,” Peel police said of making investments. “Be wary of guaranteed returns, high-yield investments with little risk, or pressure to invest quickly.”

Anyone with information about this incident can contact Peel Regional Police by calling 905-453-3311. Anonymous tips may also be submitted to Crime Stoppers by calling 1-800-222-TIPS (8477) or by visiting www.peelcrimestoppers.ca.

When you contact Crime Stoppers you stay anonymous, never have to testify, and could receive a $2,000 reward.