The police Make 16 Arrests After $ 2.85 Million Toronto Area Auto Fraud Funding Scams

The police Make 16 Arrests After $ 2.85 Million Toronto Area Auto Fraud Funding Scams

TORONTO – The police said 16 people have been arrested in connection with a series of vehicle financing frauds in the Greater Toronto Area.

A salesperson at a car dealership is included in the arrests and the defendants face 431 combined charges.

Investigators say the frauds were committed by using stolen identities to purchase vehicles with forged financial loan applications.

The vehicles purchased were mostly newer or premium models, such as Mercedes-Benz, Land Rover, Audi, BMW, Toyota, Lexus and Ford.

The investigation took place from October 2020 to February 4 and involved several agencies in Canada and the United States.

Investigators also worked closely with Toronto-area auto dealerships to track down these transactions using new fraud detection devices.

The police regions of Durham and York collaborated to make the arrests.

The police says 48 vehicles were purchased fraudulently, 19 of which were exported out of Canada and four were recovered.

Investigators say the illegally obtained vehicles have a total value of $ 2.85 million.

Source

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