The Toronto Police Service in Canada, has announced 12 arrests which include seven Brampton residents charged in an alleged synthetic-identity credit card fraud scheme across Ontario.
Penpushing reports that synthetic-identity fraud is typically defined as a form of financial fraud in which a real person’s information, such as their Social Insurance Number or date of birth, is stolen and combined with other falsified personal information to create a new identity.
The record has it that 102 charges laid in a major synthetic-identity fraud investigation dubbed Project Déjà vu, while it is recalled that in October 2022, Toronto Police started a lengthy investigation into an alleged synthetic-identity credit fraud scheme that dates back to 2016.
Penpushing further reports that police in a press release stated that more than 680 unique synthetic identities were created and many were used to apply for and open hundreds of bank accounts and credit accounts at various banks and financial institutions across Ontario.
The investigation showed that these bank accounts or credit cards were then used for in-store and online purchases, cash withdrawals, or electronic fund transfers, and in many cases, fraudulent payments were made into the credit accounts to allow them to be drawn beyond their defined limits.
Penpushing also reports that as at the time of filing this report investigations showed that this scheme has resulted in confirmed losses of approximately $4 million, as police investigation started after a financial institution found several synthetic accounts, most of which had been opened by a single person who had previously worked on behalf of the company
The statement added that based on this report, the Toronto Police Financial Crimes Unit initiated an investigation that grew quickly following the execution of numerous search warrants and the assistance of fraud investigators at Halton Regional Police Service.
Penpushing reports that the police to date, executed more than 20 search warrants and 80 production orders to investigate this matter, as well as seizure of several dozen synthetic identity documents (including fraudulent government identification) and electronic templates to create false identifications and false documents.
The police said in the statement that in the same vein found hundreds of payment cards (debit cards, credit cards, charge cards, among others, associated with bank/credit accounts obtained under synthetic identities.
Penpushing further reports that approximately $300,000 in Canadian and foreign cash was seized as proceeds of crime, and beyond fraud, accounts created with synthetic identities are also known to facilitate other serious criminal offences, including the laundering of proceeds derived from human trafficking, drug trafficking, and armed robbery, among other serious crimes, police said.
The record showed that seven Brampton residents facing fraud and other charges include Hasnain Akram (28), Zelle Ali Choudary (34), Fahad Ben Mofeez(30), Muhammad Usman Saif(32), Ali Sana(26) Sibt Hussain Syed(60) and Mueed Tanveer(27).
Penpushing also reports that two other Peel Region residents are, Ranafayysal Masood Khan, (38), of Mississauga, and Rashad Iqbal (41) of Caledon, Muhammad Hamza Baig (31), of Ayr, Anmol Khurana (27) of Markham, and Mian Muhammad Saud (35) of Belle River who also face charges.
The Toronto Police have released images of all those charged as investigators believe there are may be additional incidents and victim, while investigators have called for information related to this investigation, from the public.
Penpushing reports that the investigators are equally interested to speak with any business owners who were approached by any of the people charged, as well as people who did home renovations for any of the charged people.
The police emphasized that anyone who bought items (particularly appliances, electronics and/or automotive parts) from any of the arrested men should also come forwards, stressing that these sales may have happened through an online buy-and-sell platform.
Penpushing further reports that the police authorities therefore released telepnone number which include 416-808-7300, or Crime Stoppers anonymously at 416-222-TIPS (8477), or at www.222tips.com.for contact
Meanwhile, the police in the same vein said any victim(s) of fraud should report the incident to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501.
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