A Brampton resident faces charges after a Guelph man was defrauded of more than $31,000.
The fraud dates back to the summer when the victim was introduced to a man through a mutual friend, Guelph Police said in a press release today.
The victim was interested in applying for a business loan, and the other man offered to help with the process, police said.
Police said the two people set up a registered company and opened a company bank account. During this process, the victim provided information including his banking details and social insurance number, police said.
In December, two unknown individuals deposited a number of fraudulent cheques into the account and immediately withdrew the funds before the cheques were returned, leaving the victim’s account with a negative balance of more than $31,000, police said.
When the victim confronted the man who helped open the account, he stopped responding.
On Monday, a 33-year-old Brampton man was arrested and charged with fraud over $5,000.
He will appear in court on June 2.
Police did not name the man charged.
Lead photo: Kindel Media
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