Thirty-Two More Charges Laid in Investment Fraud
By Contributor
A complex multi-agency investigation into a high profile investment fraud has now resulted in 32 new charges against a Lower Mainland male.
Arvindbhai Bakorbhai (Arvin) Patel, 61, a former financial planner, is alleged to have been working in partnership with Rashida Samji, also 61, a well-known former Notary.
Samji has already been charged with 14 counts of Theft and 14 counts of Fraud.
“This large scale investment fraud was based on providing returns from future investors instead of from legitimate business endeavours,” says Inspector Mark van Schie of RCMP Federal Serious and Organized Crime (FSOC).
“Investments such as this are unsustainable and investors are at risk of losing significant amounts of money. Some indications of fraud may include promises of a guaranteed investment or higher than usual rates of return.”
In February 2012, RCMP Federal Serious and Organized Crime (formerly Commercial Crime), in conjunction with the Vancouver Police Department, and the British Columbia Securities Commission, began an investigation into Samji, a prominent figure in Vancouver’s South Asian community.
Samji’s connections had allegedly led to numerous investors unknowingly becoming involved in the investment scheme, which dated back several years.
“The success of this investigation was due to the effectiveness of the collaboration between partner agencies within the financial crime sector here in British Columbia,” says Inspector van Schie.
The 32 charges Patel faces all fall under the Securities Act, which allows for fines up to $3 million and up to three years in jail.
