The RCMP have charged 6 people in connection with an alleged fraud scheme, that involved more than 200 million dollars.
Cops say thousands of investors along with the Government of Canada lost millions in the 'fraudulent investment scheme'.
Police have been probing the case for almost 2 years, starting back in April of 2012. Officers claim that at least 6 people had enticed thousands of investors to participate in an alleged illegal tax shelter.
The victims were told that they could legitimately purchase a company's business losses that could then be used to lower their taxable incomes.
Police believe that in many instances, the business losses resulted in substantial illegitimate income tax refund cheques being issued to the suspects, cheques of taxpayer money.
The companies used by the suspects used to run the alleged scheme include: Integrated Business Concepts (IBC), Synergy Group 2000, Cason Global Wealth Association (CGWA) and IBCA 2009.
Police believe it all started back in 2004.
A total of six people from around the GTA have been arrested and face charges of 2 counts of fraud over 5 thousand dollars, commission of an offence for a criminal organization.
They've been identified as:
- 66 year old Vincent 'Vince' Villanti from Whitby.
- 46 year old Shane Davidson Smith from Peterborough.
- 52 year old David Prentice from Oakville.
- 65 year old Ravendra 'Ravi' Chaudhary from North York.
- 42 year old Andrew Lloyd from Pickering.
- 49 year old Joe Loschiavo from Etobicoke.