Brampton man charged after Guelph resident defrauded of more than $31,000

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A Brampton man has been charged after a Guelph resident was allegedly defrauded of more than $31,000 through a business loan scheme.

Guelph Police say the victim was introduced to the suspect through a mutual friend last summer while looking into applying for a business loan. The suspect allegedly offered to assist with the process.

Investigators say the two men set up a registered company and opened a company bank account. During that process, the victim provided personal information including his banking details and social insurance number.

Police say that in December, two unknown individuals deposited several fraudulent cheques into the account and immediately withdrew the funds before the cheques were returned by the bank.

The activity left the victim’s account with a negative balance of more than $31,000.

When the victim later confronted the suspect, police say the man stopped responding.

A 33-year-old Brampton man was arrested Monday and charged with fraud over $5,000.