Alberta RCMP have arrested a British Columbia man suspected of defrauding a victim of over $700,000 by pretending to be an employee of JP Morgan. The suspect, Harprit Singh Gill, 47, a resident of Richmond, B.C., has been charged with fraud over $5,000 and laundering the proceeds of the crime.
Investigation Details
Three Hills RCMP began investigating in February of last year, according to an RCMP news release shared on Saturday. The victim had researched online about high interest savings and was contacted by someone claiming to represent JP Morgan, a global financial services firm. The victim was offered a Guaranteed Investment Certificate rate (GIC), and he sent wire transfers in the amount of $500,000 and $230,000 to a beneficiary company, Sunlife Holdings Inc.
In total, the victim was defrauded $729,000. RCMP determined that JP Morgan does not operate as a GIC holder in Canada and that the JP Morgan GIC was a common scam. They investigated the bank account associated with Sunlife Holdings Inc. and discovered the name of the account holder. They also found numerous wire transfers were sent from the account to bank accounts held by financial institutions in Canada and in the U.K.
Arrest and Charges
A national arrest warrant was issued for Gill, and on May 6, he was found and arrested in Richmond. He was remanded into custody after a bail hearing and will be transported to Alberta for further court proceedings. The case highlights the prevalence of financial scams and the importance of verifying the legitimacy of investment opportunities.
