Man arrested, warrant issued for second man in alleged mortgage fraud in Brampton

A 39-year-old man has been arrested and charged after his involvement with an alleged mortgage fraud in Brampton, and a second male responsible for the alleged incident is wanted.

Investigators from Peel police’s Fraud Bureau say in 2021 a private lending company by the name of Dreamz Holdings Limited, which was owned and operated by the victim, was reportedly approached by a mortgage agent identified as Satyamkumar Trivedi, regarding an investment.

The victim provided a second mortgage valued at over $600,000 for what he believed was a gas station business in Barrie. The lender did not receive any payments for the business, and when he tried to locate the borrower could not find him.

The information used in the application for the mortgage, including the photo identification, was falsified.

The victim reported the incident to police, and after investigation, 53-year-old Stephen Spencer was identified as the second culprit, who acted as the borrower.

On Oct. 4, investigators arrested and charged Trivedi, a 39-year-old man from East Gwillimbury, with fraud over $5,000. He is scheduled to appear at the Ontario Court of Justice in Brampton at a later date.

An arrest warrant has been issued for Spencer. He is wanted on charges of obtaining goods based on forged documents, fraud over $5,000, uttering forged documents and using counterfeit stamps.