Chandigarh | A 62-year-old Punjabi-origin businessman living in Brampton, Canada, has been arrested in connection with an alleged Ponzi-style investment fraud involving approximately CAD 1.4 million (around ₹8.9 crore). According to the Peel Regional Police Fraud Bureau, the accused allegedly lured elderly investors by promising high, guaranteed returns and later used funds from new investors to make payments to earlier investors in an attempt to conceal the fraud.
Police said the alleged scheme began in 2017, when several victims invested money with Navdeep Boparai and his company, BLM Canada Corporation, believing him to be a successful mortgage broker. Investors were allegedly told that their funds would be invested in private mortgages, a condominium development project and a legal trust, with assured and attractive returns.
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Investigators allege that some investors initially received payments, creating confidence in the investment scheme. However, the subsequent investigation found that the investments were not legitimate and that money collected from new investors was allegedly used to pay earlier investors, a pattern commonly associated with Ponzi schemes.
According to police, reported investor losses currently total approximately CAD 1.465 million (around ₹8.9 crore). Investigators believe both the number of victims and the overall financial losses may increase as the probe progresses.
On May 26, police arrested Navdeep Boparai and charged him with fraud exceeding CAD 5,000, possession of property obtained by crime and laundering the proceeds of crime. He was later released on an undertaking and is scheduled to appear before the Ontario Court of Justice on June 29.
Peel Regional Police believe there may be additional victims and have urged anyone who has not yet reported their losses to come forward and contact investigators.
Commenting on investment frauds, noted cybercrime expert and former IPS officer Prof. Triveni Singh said fraudsters often gain investors’ confidence by offering unusually high and guaranteed returns. He advised investors to independently verify the legal status, regulatory registrations, financial background and supporting documentation of any individual or company before investing. According to him, banking trails, digital financial records and forensic analysis of fund flows play a crucial role in exposing such financial crimes.
Police have advised the public to verify the credentials of individuals and companies before investing, carefully examine all documentation, seek independent financial or legal advice and remain cautious of guaranteed returns, high-yield investments with little risk or pressure to invest quickly. The investigation remains ongoing.
