Brampton man charged in $1.4M investment scheme
Navikeep Boparai, 62, allegedly defrauded elderly victims using promises of guaranteed returns on private mortgages and condo deals.
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A 62-year-old Brampton man is facing six charges in what police say was a Ponzi-style investment scheme that defrauded elderly victims of approximately $1.465 million.
Navdeep Boparai allegedly posed as a successful mortgage broker and told investors their money would go toward private mortgages, a condominium development, and a legal trust with guaranteed returns. While some investors received payments, police say those investments were not legitimate — the money actually came from other investors' contributions, creating the appearance of legitimate returns.
Boparai was arrested on May 26 and charged with two counts each of fraud over $5,000, possession of property obtained by crime, and laundering the proceeds of crime. He is scheduled to appear in court on June 29 to answer the charges.
Peel Regional Police say they believe there may be additional victims and are asking anyone with information to contact investigators.