Investigators from Peel Regional Police have arrested and charged a 39-year-old man in relation to an alleged mortgage fraud in Brampton, and are now appealing for the public’s assistance in locating a second suspect.
Police say that in 2021, Dreamz Holdings Limited, a private lending company owned and operated by the victim, was approached by a mortgage agent identified as Satyamkumar Trivedi, regarding an investment. The victim was then deceived into facilitating a second mortgage worth over $600,000 for what he was told was a gas station business in Barrie, police say.
When the lender did not receive any payments, police say he unsuccessfully tried to locate the borrower but soon learned that the information used to apply for the mortgage, including photo ID, was falsified.
When the victim reported the incident to police, investigators identified the second suspect as Stephen Spencer, 53.
On Oct. 4, Trivedi, 39, of East Gwillimbury, was arrested and charged with fraud over $5,000. He is scheduled to appear at the Ontario Court of Justice in Brampton at a later date.
Police are now searching for Spencer. He is wanted for obtaining goods based on forged documents, fraud over $5,000, uttering forged documents and using a counterfeit stamp.
Anyone with information regarding this incident is asked to contact Peel Regional Police.
