Police make arrests in alleged real estate scam
Four Toronto-area men have been charged with fraud for allegedly bilking at least 100 people out of $5 million.
Police allege that 42-year-old Mohammed Saheed of Ajax, Ont., claimed to be a real estate specialist. From 2005 to 2009, they allege Saheed asked investors for money to buy real estate that he would purportedly manage and develop.
"He targeted a specific demographic of victims, most of whom had limited financial resources," police alleged in a news release issued Thursday afternoon.
Police said Saheed had seven corporations registered in Ontario, with names like "Real Equity Builder Network Inc." and "International Strategic Land Acquisition Development Inc."
About 100 victims of the alleged fraud have reported $5 million in losses, police said. But those numbers may grow as the investigation proceeds.
Saheed employed three people who "gained financially from his fraudulent financial schemes," police allege. They are 67-year-old Winston McDowell and 61-year-old Hollis Straker of Markham, Ont., and 48-year-old Devika Dhanaswar of Ajax.
All four have been charged with fraud-related offenses. They were expected to appear in court Thursday afternoon.
Anyone with information is asked to contact police at 416-808-7300, pr Crime Stoppers anonymously at 416-222-TIPS (8477).
