A 62-year-old Brampton man has been charged after police said elderly investors lost about $1.465 million in an alleged Ponzi-style investment scheme.
Navdeep Boparai, of Brampton, was arrested by Peel Regional Police Fraud Bureau investigators in connection with the alleged scheme, according to Peel Regional Police.
Police said the case dates back to 2017, when several victims invested money with Boparai and his company, BLM Canada Corporation. The investors believed Boparai was a successful mortgage broker, investigators said.
The pitch allegedly promised that investor money would be used in private mortgages, a condominium development, and a legal trust. Police said investors were told the returns were guaranteed.
Police Say Early Payments Created The Illusion Of Returns
The alleged scheme did not collapse immediately. Peel police said some investors initially received payments.
Investigators allege those payments were not generated by legitimate investment activity. Police said the money came from other investors, creating the appearance that the investments were producing returns.
Total reported losses are approximately $1.465 million.
Boparai Faces Six Charges
Boparai was arrested on May 26 and charged with two counts of fraud over $5,000, two counts of possession of property obtained by crime, and two counts of laundering the proceeds of crime.
Police said he was released on an undertaking and was scheduled to appear at the Ontario Court of Justice on June 29.
Investigators believe there may be additional victims. Peel police asked anyone with information to contact the Fraud Bureau at 905-453-2121, extension 3335.
The charges remain allegations. Boparai has not been convicted, and the case must still be proven in court.
Guaranteed Returns Are A Red Flag
Peel police reminded the public to verify the credentials of individuals and companies before investing. The department also urged investors to review documents carefully and seek independent financial or legal advice before committing funds.
The Canadian Anti-Fraud Centre warns that investment scams often involve promises of high returns, little or no risk, pressure to act quickly, and offers that cannot be verified through normal channels.
Investors should be cautious when returns are described as guaranteed, especially when the opportunity involves private mortgages, development projects, legal trusts, or other arrangements that are difficult to verify. They should confirm registration, check written documents independently, and avoid relying only on early payments as proof that an investment is legitimate.