RCMP charge Toronto group with business loan fraud

TORONTO, Nov. 15, 2012 /CNW/ - The Royal Canadian Mounted Police (RCMP) GTA Commercial Crime Section has charged six Toronto residents with a total of 13 fraud related charges. Estimated total value loss of this alleged fraud is two (2) million dollars. The Criminal Code charges include fraud, uttering forged documents, and instruct criminal organization.

It is alleged that between 2006 and 2007 the accused persons were involved in a scheme where they formed companies and applied for business loans at a financial institution. By submitting fraudulent and forged documents, they secured loans and funding from a financial institution for the purchase of equipment and upgrades to several leased properties.

"The RCMP Commercial Crime Program's mission is to detect and prevent threats to the Canadian Economy," stated RCMP Inspector Henry Tso.  He added, "maintaining confidence and preserving the integrity of government programs is a priority for the RCMP."

Charged are:

• Suresh Paramalingam (age 33) of Toronto charged with fraud, uttering forged documents and instruct criminal organization.
• Sultan Jaffer (aged 44) of Toronto charged with fraud and uttering forged documents.
• Matthew Buckingham (age 31) of Toronto charged with fraud and uttering forged documents.
• Balamurugan Balakrishnan (age 32) of Toronto charged with fraud and uttering forged documents.
• Bhawan Sivagurunathan (age 31) of Toronto charged with fraud and uttering forged documents.
• Anandaruban Viyapuri (age 35) of Toronto charged with fraud and uttering forged documents.

The accused persons are scheduled for appearance on November 15th, 2012, at 60 Queen Street West Courthouse in Toronto, Ontario.

The RCMP's Commercial Crime Sections deal with a wide range of financial crimes such as currency counterfeiting, commercial fraud, mass marketing fraud, fraudulent bankruptcies and insolvencies, and cases of corruption and theft in which the government has been victimized.

SOURCE: Royal Canadian Mounted Police

Sgt. Vance Morgan
RCMP Commercial Crime Section
(905)-876-9526
http://www.rcmp-grc.gc.ca/on/index-eng.htm