The Guelph, Ontario Canada Police Service commenced an investigation in response to multiple complaints by investors of deceitful conduct by a local mortgage broker dating back many years.
The service’s lengthy investigation revealed a series of mortgage frauds between 1995 and 2014 in which the accused allegedly collected $8 million in investments and paid just more than $1 million in interest back by using funds from other investors.
To date, there are known to be at least 15 victims who have suffered financial loss.
Charn Ghuman has been arrested and charged with four counts of Fraud Over $5,000, four counts of Use a Forged Document, 22 counts of Utter a Forged Document, and one count of Mischief to Data. He will appear in court Nov. 3, 2020.
Over the years covered by the investigation, Charn Ghuman operated his mortgage brokerages at 268 Waterloo Avenue and 715 Wellington Street under various names in the city of Guelph.
Police believe there might be other victims, and the investigation is continuing.