Mississauga lawyer busted in $10M fraud case
Posted August 25, 2022 5:25 pm.
Last Updated August 25, 2022 5:36 pm.
A Mississauga lawyer is accused of bilking his clients out of more than $10 million, allegedly lining his own pockets with their mortgage payments.
Peel regional police say between June 2021 and December 2021, several people obtained the services of Shahid Malik, the owner and operator of Shahid Malik Law Office located in Mississauga.
Malik, 41, was hired to settle their real estate transactions, but police say that’s not what happened.
“It is alleged that Shahid Malik received millions of dollars in trust for real estate transactions to allow the victims to pay off their outstanding mortgages,” police said in a release.
“It is further alleged that despite the victims’ numerous requests, Shahid Malik did not allocate these funds towards the outstanding mortgages.”
On Wednesday, August 24, 2022, Malik was arrested as he returned to Canada on a flight at Pearson Airport.
The Brampton man was charged with defrauding the public and breach of trust.
“Mr. Malik used his position of trust to defraud a substantial amount of money from hard-working people in our community,” said Supt. Hubie Hiltz.
“This investigation and arrest demonstrated our commitment to pursuing offenders, preventing further victimization and the value of collaboration with the Canada Border Service Agency.”
