Police take down Toronto ID fraud ring

An alleged organized crime ring targeting the Ontario government and the private banking industry has been dismantled by a joint effort from the RCMP, border agents and Ontario police.

The police estimate that millions have been lost through fraudulent social assistance payments, stolen cheques and bank related frauds.

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This elaborate scheme involved a GTA-based group who allegedly recruited individuals to come to Canada. These victims were then used to defraud the Ontario government, unsuspecting individuals, businesses and chartered banks.

Individuals would collect social assistance payments through fraudulent means and would also defraud major banking institutions by depositing stolen cheques, increasing credit limits and withdrawing the funds from their accounts.

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Yesterday officers arrested three people involved with the scheme. They are Jeno Lakatos, 40, Jozsef Virag, 35, Nikoletta Arghandewal, 38, also known as Nikoletta Varga, Bozyel and Stokes.

They are charged with fraud over $5,000, possession of identity information, possession of property obtained by crime and conspiracy to commit the above offences.

Read: When a client’s identity is stolen

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.