Toronto police have charged another man in connection with an alleged multi-million dollar Ponzi scheme targeting the city’s Filipino community.
Back in August, police charged a couple with fraud, forgery and money laundering offences, following a year-long investigation by the financial crimes unit which uncovered a purported $3.5 million investment scheme.
On Oct. 2, police announced that Jason Gaurana, 37, has been arrested and charged with two counts of fraud over $5,000 as part of their ongoing investigation, known as Project Cosmo.
Police said it’s believed that “additional companies and people are involved” in the alleged fraud.
“The investigation has now expanded and officers continue to look into the company Infy Trading Inc.,” they said, adding that one of the company’s directors allegedly recruited investors to take out loans and second mortgages, or use their credit cards to invest in the scheme.
Another company, D-Con Design and Construct Solutions Inc., and a church, The Vessels of Hope International Community Church, are also alleged to be involved in the scheme.
Gaurana, who police say is the pastor of the church, is scheduled to appear in court on Dec. 3.
None of the charges have been proven.