Toronto Police Searching for Woman Wanted in $1.3 Million Mortgage Fraud
Police are asking for the public’s help identifying a woman they say tricked a mortgage lender into providing a $1.3 million mortgage on a property she didn’t own.
According to investigators, in January 2016, a woman reached out to a mobile mortgage specialist and put in an application for a $1.3 million second mortgage on a property.
After financing was secured from a bank, the mortgage was registered to the home and the money was then given to a numbered company through a real estate lawyer.
Speaking to CP24.com Thursday, police said that the real estate lawyer was told the company had done construction work on the home and the money was needed to pay off a lien, which had been registered at the land registry office.
When the rightful owner of the home received mortgage documents from the financial institution in the mail, investigators say they reported the mortgage fraud to the bank, which contacted police.
Police allege the suspect used fake identification to pose as the real homeowner.
Investigators have now released a photo of the suspect in hopes that a member of the public will be able to identify her and police say they believe more suspects are involved.
Anyone with information about the investigation is asked to contact police at 416-808-7300 or Crime Stoppers anonymously at 416-222-TIPS (8477).