25 arrests in Toronto fraud bust

Toronto Police have announced the arrests of 25 people in an $8 million fraud and money laundering bust.

Detective Constable Sarath Thayalan said in a news conference Monday, “this investigation has determined that between March 2011 and October 2012. several people participated in an organized scheme to defraud banks, private lenders and other financial institutions in the Greater Toronto Area and launder the proceeds.”

The suspects are accused of impersonating people and businesses to apply for credit and loans from targeted lenders. Police say the scheme also created fake companies in order to de-fraud banks into approving loans.

So far, 15 incidents have been identified, but police think there are likely several others. They’re appealing to anyone with information about a suspicious loan or credit application to come forward.