GREATER TORONTO AREA, Ont. — Two more arrests have been made in connection with a large-scale synthetic identity fraud and money laundering scheme that has already resulted in over $4 million in losses and the arrest of a dozen people. Police are still searching for a third suspect.
Investigators allege that the recently arrested trio were involved in a mortgage fraud scheme targeting residential properties in the GTA. The fraudulent mortgages were reportedly used to launder proceeds generated through the scheme.
Synthetic identity theft occurs when a criminal combines a real person’s information, such as a Social Insurance Number or date of birth, with falsified personal data to create a new identity.
Police began investigating after a financial institution discovered multiple suspicious synthetic accounts in October 2022, many opened by a former employee of the company. The investigation, tracing back to 2016, uncovered over 680 unique synthetic identities used to open hundreds of bank and credit accounts across Ontario.
In April 2024, authorities arrested 12 individuals and filed more than 100 charges in an operation dubbed Project Deja Vu.
On December 4, 2025, Misbah Akram, 55, and Saqlain Akram, 28, both of Brampton, were charged with a combined total of 10 fraud-related offenses.
A third suspect, Muhammad Akram (aka Chaudry Akram), 59, remains at large and faces four fraud-related charges. Police are urging anyone with information about his whereabouts to come forward.
Investigators warn that there may be additional victims and are seeking to speak with businesses contacted by any of the arrested individuals.
