TORONTO - Toronto police allege two brothers defrauded a bank and investors by selling condo units that turned out to be parking spaces.
Toronto-area brothers Kam Chan, 54, and Patrick Chan, 61, are among five people facing a total of 135 charges in the $3.8-million fraud scheme.
Police say that between 1998 and 2000, several victims invested in what they were told were two- or three-bedroom condominium units.
It's alleged that a real estate agent, two mortgage specialists from a bank and a real estate lawyer were in on the scheme.
Police also allege personal and business credit lines were opened using information the victims had provided for mortgages, and the accounts were maxed out and then defaulted.
Patrick Chan of Richmond Hill, Ont., was charged with 36 counts of fraud over $5,000, possession of proceeds of crime, laundering proceeds of crime.
A Canada-wide arrest warrant has been issued for Kam Chan of Mississauga, Ont., for 45 counts of fraud over $5,000, possession of proceeds of crime and laundering proceeds of crime.
Lascelles Williams, 36, of Pickering, Ont., Saquib Baig, 38, of Markham, Ont., Steven Mucha, 53, of Toronto and Roland Williams, 70, of Mississauga were charged with various counts of fraud over $5,000 as well as possession of proceeds of crime and laundering proceeds of crime.
An arrest warrant has been issued for Ling Cho, 54, of Markham, for 45 counts of fraud over $5,000, possession of proceeds of crime and laundering proceeds of crime.
