An investigation is underway after a condominium developer allegedly collected more than $12 million in down payments for a planned building in North York and then failed to reimburse buyers after scrapping the project.
Toronto police confirm to CP24 that the fraud unit is looking into “multiple complaints” against Centrust Development Group amid reports that the company bilked 150 buyers out of their down payments on units in a development that was supposed to be built on Yonge Street near Finch Avenue.
According to one of the complainants, Thomas Yudong Ma, Centrust Development Group accepted a $40,000 deposit from him in 2011 and then sent out a letter in January advising that they no longer planned to go ahead with the project and would return his money. When Yudong Ma attempted to contact the firm to follow up he said he discovered that their office was abandoned and their phone number was disconnected.
A number of buyers like Yudong Ma plan to get together at 12 p.m. tomorrow in Richmond Green Park to discuss their options.
More to come…
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