Four men charged in 'sophisticated' $17M mortgage fraud
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A five-year probe into an elaborate multi-million dollar mortgage fraud scheme, involving mansions in one of the city’s most prestigious neighbourhoods, has led to the arrest of four men.
While such fraud cases are often lengthy, Toronto Police say this investigation — dubbed Project Bridle Path — took an inordinate amount of time because it hinged on a lawyer who skipped town and only resurfaced recently.
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“In spring of 2013, (officers) became involved in a sophisticated and complex mortgage fraud investigation into several high-end properties,” Det. Alan Fazeli said Tuesday, adding “the value of the fraud is estimated to be $17 million.”
In March 2013, around the time cops were delving into the fraud case, Toronto lawyer Golnaz Vakili, then 33, allegedly fled the country, reportedly leaving a note for her husband that explained she was heading to Europe.
The next month, her assets were frozen and the Law
Society of Upper Canada suspended her licence — a licence she obtained only a few years earlier, according to police. Investigators at the time also issued a warrant for Vakili’s arrest on charges of fraud, perjury and using a forged document.
A central figure in the investigation, investigators alleged she helped others involved borrow large sums of money from private lenders.
“They borrowed money against properties they did not own,” Fazeli claimed, explaining second mortgages were allegedly obtained by producing fake property titles and home insurance policies to convince lenders they were the real owners.
He said in some cases the loans were for a few hundred thousand dollars while in others involved as much as $1.5 million.
Some of the properties are in the Bridle Path — an extremely affluent neighbourhood west of Leslie St. and Lawrence Ave. E. that is home to some of the country’s wealthiest people — including one massive home on High Point Rd. that still sits empty and another on Park Lane Circle.
Park Lane Circle also happens to be the street where hip hop superstar Drake is building a 35,000-square-foot mansion with an indoor basketball court.
“(Vakili) was located, arrested and has pleaded guilty to some related charges,” he said.
Police have laid fraud and other charges against Grant Erlick, 45, of Toronto; Arash Missaghi, 48, of Richmond Hill; and Masumeh Shaer-Valaie, 48, of Richmond Hill. Bob Bahram Aziz Beiki, 53, of Toronto, was arrested Feb. 28 on one count of forgery.
cdoucette@postmedia.com
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