2 more charged, 1 outstanding in major credit card fraud scheme dating back to 2016

Police are still searching for Muhammad Akram, who goes under the alias of Chaudhry Akram, who is wanted in connection with their Project Deja Vu investigation. (Toronto Police Service)

Two more people have been arrested in connection with a major credit card fraud scheme, where more than 100 charges have already been laid, and one suspect remains at large.

The investigation was first announced in April 2024, when Toronto police provided an update on Project Déjà Vu, where investigators delved into a “synthetic-identity fraud” scheme that started in 2016.

Police launched the investigation in October 2022, after a financial institution contacted them, informing them they had found several synthetic accounts and the service believed most accounts were opened by someone who previously worked on behalf of the company.

Det. David Coffey of the Financial Crimes Unit had explained during last year’s news conference that synthetic-identity fraud is a form of financial fraud where fictional personal information is used to open accounts at financial institutions and other businesses.

On top of facilitating fraud, Coffey said bank accounts created under these synthetic identities are known to be used for laundering money, using the proceeds derived from trafficking, robbery and other serious crimes.

“The perpetrators of this scheme, which began in 2016, are alleged to have created more than 680 unique synthetic identities, many of which were used to apply for and open hundreds of bank accounts and credit accounts at various banks and financial institutions across Ontario,” Coffey said.

These accounts were then used for in-store and online purchases, withdrawals and e-transfers, he said.

In some cases, Coffey said fraudulent payments were made to the accounts to allow perpetrators to draw from them beyond their defined limits.

During April’s update, police said there were $4 million in losses.

After police conducted more than 20 search warrants and 80 production orders as part of their investigation, they said they found “several dozen” synthetic identity documents (including fake government identification), hundreds of payment cards associated to bank and credit accounts obtained through synthetic identities, as well as roughly $300,000 in Canadian and foreign cash.

On Thursday, Toronto police said they arrested two suspects from Brampton: 55-year-old Misbah Akram and 28-year-old Saqlain Akram. Police did not disclose their relationship, if any, in the release.

They both face charges of causing another person to act on a forged document, making false statements to procure loans and unauthorized possession of credit card data. Misbah is also facing charges of fraud, laundering and possession of proceeds of crime. The charges have not been tested in court.

Police say they are still searching for another suspect, identified as 59-year-old Muhammad Akram, who goes under the alias of Chaudhry Akram. The Brampton resident is wanted on fraud and laundering charges, among others.

Investigators are asking anyone with information about his whereabouts to contact police or Crime Stoppers anonymously.

With files from CP24’s Codi Wilson