Two arrested in $3.49M investment fraud scheme centered on Willowdale
Police say a third suspect in the Goldentrust Development Inc. scheme may have fled to China after victims were promised returns on real estate and development projects.
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Two suspects have been arrested in connection with an alleged investment fraud scheme that defrauded victims of approximately $3.49 million, Toronto police said Friday.
Investigators received numerous reports throughout 2025 involving Goldentrust Development Inc., a company operating in the Willowdale Avenue and Sheppard Avenue East area. Fraud unit officers say victims were approached about investment and real estate development opportunities and promised returns on their investments, with some told that properties would be used as collateral.
"Victims provided the suspects with significant sums of money for investment purposes," police said in a release. "Some victims later discovered that representations made regarding ownership of properties and investment security were false." Other victims provided funds toward home renovation projects that were never completed.
On Tuesday, officers arrested Bingbing Dong, 41, of Markham, and Peng Zhang, 43, of Toronto. Both face charges of fraud over $5,000.
A third suspect, identified as Jiachen Dong, 37, of Toronto, remains at large. She's described as approximately four foot ten and goes by the alias "Michelle Dong." Police say she was working as a real estate agent and may have fled to China.
Anyone with information is asked to contact Toronto police.
The facts
How much money was lost in the Goldentrust Development Inc. fraud?
Approximately $3.49 million was defrauded from victims in the Goldentrust Development Inc. scheme.
Who was arrested in the fraud investigation?
Bingbing Dong, 41, of Markham, and Peng Zhang, 43, of Toronto, were arrested on Tuesday, August 25, 2026. Both face charges of fraud over $5,000.
What did victims think they were investing in?
Victims were promised returns on real estate and development projects through Goldentrust Development Inc. Some were told properties would be used as collateral, while others provided funds for home renovation projects that were never completed.
Is a third suspect still being sought?
Yes, Jiachen Dong, 37, of Toronto, also known by the alias 'Michelle Dong,' remains at large. Police say she worked as a real estate agent and may have fled to China.
