Police seek suspects in $5M mortgage fraud investigation
Police are asking for the public’s help in identifying one of two men wanted in connection with a mortgage fraud investigation.
Investigators allege a man, who identified himself as Lucas, visited several law firms specializing in real estate in Toronto and the GTA in August of 2020.
The suspect set up fictitious lenders, borrowers and companies in order to obtain private mortgages. It is then alleged that fake identities of real people were used to place fraudulent mortgages on the victims’ homes without their knowledge.
Advertisement
“To date, over $5 million in mortgages have been obtained by this man, involving several law firms throughout the GTA,” police said in a statement Thursday.
Police have identified the man on the fake identification as 23-year-old Yuansen Fu of Toronto.
The second man is described as being Asian, between 25-30 years of age with black, short hair and a thin build.
The suspect is wanted for conspiracy to commit an indictable offence, fraud exceeding $5,000 and uttering forged documents.
Advertisement
“Investigators are advising the public – especially those in the mortgage and legal professions – to scrutinize all identification and be vigilant in confirming the identities of individuals in real estate transactions,” police said.
Anyone with information is asked to email Detective Constable Jeffrey Dyrkawec or phone police at 416-808-2222. Tips can also be left anonymously at Crime Stoppers.