A Mississauga lawyer accused of defrauding his clients out of millions of dollars worth of mortgage payments has been arrested, Peel Regional Police say.
In January, police issued an arrest warrant for 41-year-old Shahid Malik of Shahid Malik Law Office in Mississauga after he allegedly misappropriated funds he got from his clients.
Police said several people retained Malik’s services between June 2021 and December 2021 to settle their real estate transactions.
Malik allegedly received millions of dollars in trust that would allow his clients to pay off their outstanding mortgages.
However, he allegedly did not use the funds to make the necessary payments despite numerous requests from his clients.
Police said it resulted in losses estimated to be over $10 million.
On Thursday, police announced that Malik was arrested at Pearson International Airport on Wednesday when he returned to Canada.
He has been 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,” Peel police Supt. Hubie Hiltz said in a news release.
“This investigation and arrest demonstrated our commitment to pursuing offenders, preventing further victimization and the value of collaboration with the Canada Border Service Agency.”
Police believe there may be more victims and are urging them to contact the Fraud Bureau at 905-453-2121 ext. 3335.
