Toronto Police Arrest 12, Lay 102 Charges in Financial Fraud Investigation

The Toronto Police Service has released a photo of what it describes as synthetic-identity documents seized during a fraud investigation. Toronto Police Service handout photo

Toronto police have arrested 12 people and laid 102 charges in connection with a major synthetic-identity fraud scheme dating back eight years.

The charges were announced at an April 29 press conference as part of Project Déjà Vu, a two-year probe into a “synthetic-identity fraud” scheme that has resulted in roughly $4 million in losses for area businesses and financial institutions.

Toronto Police Service Detective David Coffey described synthetic-identity fraud as a form of financial fraud in which phony personal information is used to open accounts at financial institutions and businesses.

“But this isn’t just about fraud,” Det. Coffey told reporters. “Accounts obtained under synthetic-identity are known to facilitate other serious criminal offences, including laundering the proceeds of human trafficking, drug trafficking, and armed robbery among other serious crimes.”

The suspects are accused of creating more than 680 unique synthetic identities, many of which were used to apply for and open hundreds of accounts at various banks and financial institutions across the province, Det. Coffey said.

The fraudulent accounts were used to make in-store and online purchases, cash withdrawals, and electric fund transfers. He said the perpetrators made fraudulent payments to some of the accounts so they could draw from them beyond their limits.

Twenty search warrants were carried out as part of the investigation, Det. Coffey said.

“Through the search warrants, TPS has also located and seized several dozen synthetic identity documents and electronic templates to create false identifications and false documents,” he said, adding that hundreds of debit and credit cards were seized, along with approximately $300,000 in Canadian and foreign currency.

“All financial institutions have security parameters in place in order to minimize the damages to them. The fraudsters are really smart. They are advancing with technology. The identification is very convincing,” he added. “It often does get caught at the financial institutions but it doesn’t always get caught.”

Police believe there are more suspects involved in the scheme as well as more victims, Det. Coffey said, noting the investigation is ongoing.

Twelve men between the ages of 26 and 60 have been arrested in connection with the investigation and face charges such as laundering proceeds of crime, fraud over $5,000, and forgery, according to a police press release.

The accused are Ali Sana, 26, of Brampton; Anmol Khurana, 27, of Markham; Mueed Tanveer, 27, of Brampton; Hasnain Akram, 28, of Brampton; Fahad Ben Mofeez, 30, of Brampton; Muhammad Hamza Baig, 31, of Ayr; Muhammad Usman Saif, 32, of Brampton; Zelle Ali Choudary, 34, of Brampton; Mian Muhammad Saud, 35, of Belle River; Ranafayysal Masood Khan, 38, of Mississauga; Rashad Iqbal, 41, of Caledon; and Sibt Hussain Syed, 60, of Brampton.