$600,000 mortgage fraud has police searching for alleged gas station scammer
Published October 20, 2023 at 1:52 pm
One man has been charged and police are searching for a second suspect after a Brampton victim was allegedly scammed in a more than $600,000 mortgage fraud.
The alleged fraud started in 2021 when Peel Regional Police say Brampton-based lending company Dreamz Holdings Limited was approached by a mortgage agent about an investment property in Barrie.
Police say the victim was duped into signing a second mortgage valued at over $600,000 for what he believed was a gas station business. But police say the victim never received payments and was unable to contact the borrower.
That’s when the victim discovered information in the mortgage application had been falsified and reported the fraud to police, who then identified two suspects.
On Oct. 4, Peel Regional Police say Satyamkumar Trivedi, 39, of East Gwillimbury was arrested and charged with one count of fraud over $5,000. He is scheduled to appear at the Ontario Court of Justice in Brampton at a later date.
Police have also issued a warrant for 53-year-old Stephen Spencer who is wanted for multiple offences including fraud over $5,000, obtain good based on forged documents, and using counterfeit stamp.
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Anyone with information about Stephen Spencer is asked to contact Peel Regional Police at (905)-453–2121 ext. 3335. Information may also be left anonymously by calling Peel Crime Stoppers at 1-800-222-TIPS (8477) or by visiting www.peelcrimestoppers.ca.
The incident has police reminding all lenders to be vigilant in reviewing mortgage and loan applications. Information on mortgage agents and credentials can be found on the Financial Services Regulatory Authority of Ontario (FSRA) website.
You can also visit the Canadian Anti-Fraud Centre website for more tips on how to protect your business.
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