By Canadian Press

Montreal police arrest 17 people for alleged real estate fraud worth over $5 million

Nov 1, 2023 | 9:16 AM

Montreal police say they’ve arrested 17 people in connection with an alleged real estate fraud scheme worth more than $5 million.

Police say members of the alleged fraud ring used fake IDs to borrow against the value of five properties they didn’t own.

They say the fake IDs were used to sign legal documents and open bank accounts in the names of the real owners. 

The financing — obtained from private lenders — was withdrawn soon after it was deposited in the bank accounts.

Police say the real owners of the properties have found themselves tied to mortgages they never took out and the lenders have lost all the money they lent out.

Meaningful Mementos

Remembering Someone You've Lost at Christmas

Dec 03, 2024

Seasonal Sorrow

How Do You Get Through The Holidays When You're Grieving?

Nov 01, 2024

Upcoming Events at Oliver's

Grief & Loss and Estate Planning Seminars

Oct 02, 2024

The seven women and 10 men are expected to appear in a Montreal court today where they could face charges including fraud, money laundering, conspiracy and possession of property obtained by crime, depending on their alleged level of involvement in the scheme. 

This report by The Canadian Press was first published Nov. 1, 2023. 

The Canadian Press