Harvinder Singh Bhoi thought he could get away with tricking investors into purchasing shares of a company he had no rights to. His plan backfired and now he is charged with fraud.
Mr. Bhoi convinced several new friends to invest in shares of a company. He allegedly told these friends the investment would make them a lot of money, by showing them false documents to entice them into believing his scheme. But it was a complete deception. Mr. Bhoi did not own, or have a right to sell, any shares of the company. His friends' return on their investments would be a total loss of all their funds. Mr. Bhoi, on the other hand, pocketed CA$40,000 belonging to his deceived friends.
Mr Bhoi's plans were foiled when the Ontario Securities Commission referred their suspicions to the RCMP Integrated Market Enforcement Team (IMET), who then investigated. As a result of the investigation the following charges have been laid against Mr. Bhoi:
Harvinder Singh Bhoi, 55, of Toronto
- Fraud Over $5000 contrary to Section 380(1)(a) of the Criminal Code
Mr. Bhoi's first court appearance will be at the Ontario Court of Justice, 10 Armoury St., Toronto on March 25, 2024 at 11:00 a.m.
The GTA IMET would like to thank the Ontario Securities Commission and the Financial Transactions and Reports Analysis of Canada (FINTRAC) for their assistance in this investigation.
"We are very pleased with the investigation the IMET team conducted. Working with our partners we thwarted an attempt of thousands of dollars in fraudulent funds". - Satish Tarachandra, Inspector, Officer in charge of GTA IMET
Fast facts
Beware of promises of easy wealth. Fraudsters will try to look like a friend, but in reality, are ruthless criminals scheming to take your hard-earned savings and disappear. Claims of huge returns and high-pressure tactics are often warning signs. Do your own research before handing over your savings.
Learn more about Investment frauds.
The RCMP's Toronto Integrated Market Enforcement Team is a specialized RCMP-led unit mandated to protect the integrity of Canada's Capital Markets by detecting, investigating and deterring capital market fraud. The RCMP IMETs are located in British Columbia, Alberta, Ontario and Quebec and are funded by the Government of Canada and led by the RCMP.