In a news release on Wednesday<\/a>, Halton police said an 83-year-old man reported that he invested $750,000 from his retirement savings into what he believed was a PC Financial guaranteed investment certificate (GIC).<\/p>\nPolice determined the investment was made through a fraudulent website, the same one that defrauded $250,000 from a second victim from Alberta.<\/p>\n
Police said they\u2019ve learned that the scam originated in England and that the suspects, using information from LinkedIn profiles, impersonated PC Financial advisors to perpetuate the fraud.<\/p>\n
The suspects allegedly worked with a Brampton man who created a fraudulent corporation called \u201cIntact Global Inc.\u201d and opened multiple business bank accounts to receive and launder the funds.<\/p>\n
\u201cThe accused then transferred the money to England, where it was further dispersed and laundered,\u201d police allege.<\/p>\n
The man, identified as 26-year-old Inderjeet Singh, was arrested on Dec. 5 and charged with fraud over $5,000, possession of property obtained by crime over $5,000 and laundering proceeds of crime.<\/p>\n
Police said Singh was released on an undertaking.<\/p>\n
\u201cResidents are urged to exercise extreme caution when considering investment opportunities. Fraudsters often pose as trusted professionals and create sophisticated online platforms to lure potential victims,\u201d police said.<\/p>\n","protected":false},"excerpt":{"rendered":"An online investment scam operating out of the United Kingdom has resulted in at least two Canadians losing…\n","protected":false},"author":2,"featured_media":337902,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[712,49,48,44],"class_list":{"0":"post-337901","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-canada","8":"tag-apple-news","9":"tag-ca","10":"tag-canada","11":"tag-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/337901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=337901"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/337901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/337902"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=337901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=337901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=337901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}