Ontario man loses $750,000 in retirement savings to investment scam operating out of U.K.

A Halton Regional Police logo is shown on a vehicle in Oakville, Ont., Wednesday, Jan.18, 2023. THE CANADIAN PRESS/Richard Buchan

An online investment scam operating out of the United Kingdom has resulted in at least two Canadians losing a total of $1 million, police say.

In a news release on Wednesday, Halton police said an 83-year-old man reported that he invested $750,000 from his retirement savings into what he believed was a PC Financial guaranteed investment certificate (GIC).

Police determined the investment was made through a fraudulent website, the same one that defrauded $250,000 from a second victim from Alberta.

Police said they’ve learned that the scam originated in England and that the suspects, using information from LinkedIn profiles, impersonated PC Financial advisors to perpetuate the fraud.

The suspects allegedly worked with a Brampton man who created a fraudulent corporation called “Intact Global Inc.” and opened multiple business bank accounts to receive and launder the funds.

“The accused then transferred the money to England, where it was further dispersed and laundered,” police allege.

The man, identified as 26-year-old Inderjeet Singh, was arrested on Dec. 5 and charged with fraud over $5,000, possession of property obtained by crime over $5,000 and laundering proceeds of crime.

Police said Singh was released on an undertaking.

“Residents are urged to exercise extreme caution when considering investment opportunities. Fraudsters often pose as trusted professionals and create sophisticated online platforms to lure potential victims,” police said.