PTC Web Desk: A Punjabi-origin man arrested in Canada is facing multiple fraud-related charges after investigators alleged he operated a $1.4 million Ponzi-style investment scheme that targeted elderly investors in Brampton.

According to Peel Regional Police, the Punjabi-origin man arrested in Canada, identified as Navdeep Boparai (62), allegedly convinced several people to invest through his company, BLM Canada Corporation, by presenting himself as a successful mortgage broker.

The police said the Punjabi-origin man arrested in Canada allegedly promised investors guaranteed returns by claiming their money would be invested in private mortgages, a condominium development project and a legal trust. However, investigators believe the investment scheme was fraudulent.

Alleged fraud began in 2017

According to investigators, the alleged investment scheme began in 2017, when multiple investors placed their savings with Boparai and his company.

The police claim that although some investors initially received returns, those payments were allegedly made using funds collected from new investors rather than from legitimate business profits, creating the appearance of a successful investment programme. Authorities estimate the total reported losses at approximately $1.465 million.

Charges filed against accused

Peel Regional Police arrested Navdeep Boparai on May 26 and charged him with fraud over $5,000, possession of property obtained by crime and laundering the proceeds of crime.

Following his arrest, he was released on an undertaking and is scheduled to appear before the Ontario Court of Justice on June 29. The allegations against the accused have not been proven in court.

Investigators believe there may be additional victims who have not yet come forward. Peel Regional Police have appealed to anyone who invested with the accused or has information related to the case to contact the Fraud Bureau.

Following the investigation, Peel Regional Police reminded the public to exercise caution before making investments. Authorities advised investors to verify the credentials of individuals and companies, carefully review investment documents and seek independent financial or legal advice before investing money.

The police also urged people to be cautious of investment opportunities that promise guaranteed returns, unusually high profits with little or no risk, or pressure to invest quickly, as these are common warning signs of investment fraud.