Toronto Police Take Down Financial Fraud Ring, Arresting 12 People and Laying 102 Charges

Toronto police have arrested 12 people and laid 102 charges in connection with a major synthetic-identity fraud scheme dating back eight years.

Toronto Police Service Detective David Coffey described synthetic-identity fraud as a form of financial fraud in which phony personal information is used to open accounts at financial institutions and businesses.

“But this isn’t just about fraud,” Det. Coffey told reporters. “Accounts obtained under synthetic-identity are known to facilitate other serious criminal offenses, including laundering the proceeds of human trafficking, drug trafficking, and armed robbery among other serious crimes.”

The suspects are accused of creating more than 680 unique synthetic identities, many of which were used to apply for and open hundreds of accounts at various banks and financial institutions across the province, Det. Coffey said.

The fraudulent accounts were used to make in-store and online purchases, cash withdrawals, and electronic fund transfers. He said the perpetrators made fraudulent payments to some of the accounts so they could draw from them beyond their limits.

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Twenty search warrants were carried out as part of the investigation, Det. Coffey said.

“Through the search warrants, TPS has also located and seized several dozen synthetic identity documents and electronic templates to create false identifications and false documents,” he said, adding that hundreds of debit and credit cards were seized, along with approximately $300,000 in Canadian and foreign currency.

“All financial institutions have security parameters in place in order to minimize the damages to them. The fraudsters are really smart. They are advancing with technology. The identification is very convincing,” he added. “It often does get caught at the financial institutions but it doesn’t always get caught.”

Police believe there are more suspects involved in the scheme as well as more victims, Det. Coffey said, noting the investigation is ongoing.

The accused are Ali Sana, 26, of Brampton; Anmol Khurana, 27, of Markham; Mueed Tanveer, 27, of Brampton; Hasnain Akram, 28, of Brampton; Fahad Ben Mofeez, 30, of Brampton; Muhammad Hamza Baig, 31, of Ayr; Muhammad Usman Saif, 32, of Brampton; Zelle Ali Choudary, 34, of Brampton; Mian Muhammad Saud, 35, of Belle River; Ranafayysal Masood Khan, 38, of Mississauga; Rashad Iqbal, 41, of Caledon; and Sibt Hussain Syed, 60, of Brampton.