TL;DR: On August 28, 2026, Toronto police announced that two people have been charged over an alleged investment fraud that cost victims about C$3.49 million. Victims were promised returns from investments and real-estate development, and police say claims about property ownership and the security of the money were allegedly false. A third suspect is believed to have fled to China. The charges have not been proven in court.
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What police announced
According to CP24 (Toronto Police case), Toronto police arrested two people in connection with an investigation that began in 2025. Police say victims lost approximately C$3.49 million after being offered returns on investments and real-estate development opportunities linked to a North York company, Goldentrust Development Inc.
Police allege that victims handed over significant sums before learning that representations about property ownership and the security of their investments were false. Some victims also paid for home renovation projects that were left unfinished.
Who is charged
A 43-year-old Toronto resident faces three counts of fraud over $5,000, and a 41-year-old Markham resident faces one count of fraud over $5,000. A third suspect, a 37-year-old from Toronto, remains at large and is believed to have left for China. None of the allegations has been tested in court, and police believe there may be more victims.
Red flags for investors
- An unsolicited offer of returns tied to property or development projects.
- Ownership claims you cannot confirm yourself, for example through a land title search.
- A promoter who is also the contractor, the seller and the guarantor.
- Pressure to pay before you have seen documents checked by your own lawyer.
How to protect yourself and where to report
Verify who owns a property independently, research the company, and have a lawyer you chose review any deal. Our guide to investment and trading app scam recovery explains what to do if money has already left your account, and crypto scam statistics for 2026 shows how widely investment fraud is growing.
If you invested with this company or a similar one, contact Toronto Police on their non-emergency line, then file a report with the Canadian Anti-Fraud Centre. Read how to report fraud to the Canadian Anti-Fraud Centre for the steps, and see how Canadian police recovered scam money for how some Canadian victims have had money returned.
Frequently Asked Questions
How much did victims lose in the Toronto case?
Police say victims lost approximately C$3.49 million. The announcement was made on August 28, 2026.
How many people are charged?
Two people are charged with fraud over $5,000, and a third suspect remains at large and is believed to have fled to China. The charges are allegations and have not been proven.
What was the scheme?
Police say victims were promised returns from investments and real-estate development, and that claims about property ownership and the security of the money were allegedly false.
Where should I report an investment fraud in Canada?
Contact your local police on their non-emergency line, your bank, and the Canadian Anti-Fraud Centre at antifraudcentre-centreantifraude.ca or 1-888-495-8501.
Sources
- CP24: Police say investment fraud involving Toronto developer cost victims $3.49 million (Aug 28, 2026)
- Canadian Anti-Fraud Centre
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