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UPDATE: Lawyer charged in alleged North York condo fraud

Authorities investigated a number of complaints after people who bought into the 'Centrium' hotel/condominium project claimed they were bilked out of their deposit

The 'Centrium' condo complex was cancelled by the developer.
Photo: Contributed

Toronto Police have laid 75 charges in connection with a multi-million dollar alleged fraud involving a planned condo development in North York.

Authorities investigated a number of complaints after people who bought into the 'Centrium' hotel/condominium project, near Yonge Street and Finch Avenue West, claimed they were bilked out of their deposit after the plans scrapped by the developer.

Police have reportedly arrested 63-year old Toronto laywer Meerai Cho, who dealt with a purchase and sale of pre-construction units.

She is alleged to have taken the deposits for retail units and condominiums and never returned the money.

Toronto Police say up to $12.4 million is involved but The Law Society of Upper Canada says that amount is closer to $15 million.

Authorites say if more victims come forward, there could be more charges.

Cho was supposed to hold the money in trust for the developer.

Deposits were placed in 2012 but word later came that the project fell through.

Cho claims she made a mistake and transferred the cash to the developer, who has since skipped town.

Buyers are planning a class action lawsuit.

A detective with the Toronto Police Fraud Unit is expected to provide more details on Tuesday afternoon.

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