Fraud Section investigators looking into a private money lender in Victoria for violations.
Saanich Police Financial Crimes investigators have received complaints about a private money lender. A total of three investigations are ongoing in relation to the one private lender. All these incidents have occurred over the last year.
The private lender targets ‘high risk’ borrowers who may not be able to obtain funds from traditional sources. The money lender approaches couples or individuals promising to loan them money himself or by way of other investors.
The key to this scam is an ‘advanced fee’ request on the part of the borrower. A cheque is requested either directly written to the private lender or another ‘investor’. In the end the funding does not go through for a variety of reasons that have been given to victims.
Requesting ‘advanced fees’ on the part of a borrower contravenes Canadian law. The lender in this particular case has a history of similar offences.
Investigators are concerned that there are many more victims of similar frauds in the Victoria area. Regardless of where you may live, if you have been a victim of this scam or know someone who has, please contact the Saanich Police Financial Crimes section at 250-475-4321.
11-20005