Former Bank Employee Involved In Fraudulent Loan Scheme

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The Serious Fraud Office for Ontario (SFO) have charged four people from the Greater Toronto Area following a lengthy investigation into multi-million dollar loan approvals received through fraudulent means.

Beginning in January 2021, the SFO investigation focused on a former business manager at the Royal Bank of Canada (RBC) with specific knowledge of a Government of Canada-supported loan program.

The individual engaged other associates to help solicit unwitting client borrowers to apply for Government Guaranteed Loans (GGL). The program was offered by all Canadian banks to assist small businesses with business or leasehold improvement loans. It is alleged that bank documents were fabricated and fictitious lease agreements and invoices were then created to ensure that the loans would be accepted.

After the GGLs were approved, funds were allegedly disbursed to several ‘vendors’ who were directly associated to the former business manager. It is alleged that approximately $10.5-million was disbursed, where the borrowers received a small portion of the funds that were disbursed while the ‘vendors’ received the remaining majority of funds for work that was never completed.

Four GTA residents have been charged with offences contrary to the Criminal Code of Canada as follows:

Dillon Nanavati, aged 37 years of North York, is charged with:

·      Fraud Over $5000

·      Utter Forged Document

Aggash Mohan, aged 25 years of Scarborough, is charged with:

·       Fraud Over $5000

Nicksain Kalaimathian, aged 29 years of Scarborough, is charged with:

·      Fraud Over $5000

Jonnystan Amirtharatnam, aged 26 years of Scarborough, is charged with:

·      Fraud Over $5000

The accused parties are expected to appear at the Ontario Court of Justice at 1000 Finch Avenue West in Toronto on May 31, 2022.

The Serious Fraud Office will not comment further in order to protect the integrity of the investigation and any ensuing court processes. The SFO acknowledges the important contributions made by both Peel Regional Police Service and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The expertise provided was a tremendous asset to the successful outcome of the investigation.

Ontario’s Serious Fraud Office (SFO) is a multi-disciplinary team of uniform and civilian subject matter experts who investigate and prosecute serious fraud and complex financial crimes. The SFO has dedicated staff with representation from Ministry of the Attorney General (MAG), Ontario Provincial Police, York Regional Police, Peel Regional Police, Barrie Police Service and the RCMP.

Serious fraud is defined as a fraud that has significant impact on society and/or significant financial loss in totality. Serious frauds can incorporate corruption, collusion, multiple jurisdictions and/or elements of organized crime. The consequences have serious impacts on victims (seniors, marginalized individuals, and youth) and erode public confidence in democratic processes, government integrity and financial sector stability.

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