Police have arrested a man in relation to the Vancouver real-estate scam, which has led to the arrest of several people and hundreds of thousands of dollars in losses.
Key points:Police allege more than $500 million in losses were caused by the real-ty scam involving more than 100 real estate companies and individualsThe alleged victims included real-life family members, business partners, friends and acquaintancesPolice say the scam was perpetrated by a number of different partiesThe operation is ongoingPolice say they’re confident the investigation will uncover more victims, including one who is believed to be the alleged ringleader.
Key facts:A total of 116 victims were identified by police as being affected by the scam in the past six monthsPolice believe they’ve uncovered about $500,000 in losses from the scamThe alleged ringleaders are believed to have taken control of a number to more than a dozen companies in the Vancouver area and distributed the funds to their friends, family members and other members of the public.
Police allege that the alleged victims were not the intended beneficiaries of the scam, and that the money was intended to be used for personal purposes.
They allege the victims were targeted and targeted for financial gain, with money sent to a number who were friends or relatives of those involved in the scam.
The alleged fraud involved the distribution of millions of dollars of proceeds to an unnamed victim in the course of a real-tourism marketing scheme.
The suspect allegedly used the proceeds to pay off personal debts and obtain a house in Vancouver.
Police say many of the victims have contacted them to report the losses and have not reported any suspicious activity.
The suspected ringleader of the real estate fraud has been identified as James Bao, a Vietnamese national who has been charged with fraud over $1 million and breach of trust.
The accused ringleader, a 29-year-old man from the Greater Toronto Area, was arrested in Vancouver on Tuesday.
Police also allege that two of the alleged co-conspirators are involved in other alleged scams in Vancouver, which they say is still ongoing.
Police said they believe that other victims have been identified and are being investigated.