Update: On Sept. 28, 2015, RCMP told Advisor.ca the charges mentioned below have been stayed.
The GTA Financial Crime Section of the Royal Canadian Mounted Police (RCMP) has charged and arrested Mississauga resident Jagdeep Bhinder, 46, with 2 counts of Fraud Over $5000 relating to small business loans. The estimated value of loss is approximately $500,000.
The RCMP alleges that, in 2007, Bhinder acquired a small business loan for a retail company by misleading the company principals and providing false documents to the issuing bank resulting in financial loss to the company and the bank.
The RCMP alleges that, also in 2007, Bhinder aided another company to acquire a small business loan through the use of falsified and misleading documents resulting in losses to the issuing bank and the Government of Canada.
Bhinder is scheduled to appear at the Brampton Court House on August 19, 2013.