Toronto Police launched ‘Project Déjà Vu’ in October 2022 following a report from a financial institution about fake accounts created by a former employee. The investigation led to the discovery of a synthetic-identity credit fraud scheme, where individuals applied for credit in fake names, amassing large amounts of credit that were drawn upon for purchases, withdrawals, and even money laundering.
The Fraud Scheme: How It Worked
The fraud, which police say began as early as 2016, involved the creation of more than 680 fake identities used to open numerous bank and credit accounts at financial institutions throughout Ontario. Investigators found that the accounts were then misused for fraudulent purchases and cash withdrawals, often by making fake payments to extend credit limits, ultimately resulting in financial losses of around $4 million.
Connections to Other Crimes
Detective David Coffee warned that synthetic identities aren’t just used for financial fraud but also facilitate more serious crimes, including money laundering tied to human trafficking, drug trafficking, and armed robbery.
Seizures and Arrests
In the course of their investigation, Toronto Police executed 20 search warrants, resulting in the seizure of numerous fake documents, electronic templates used for creating IDs, $300,000 in cash, and hundreds of fraudulent debit and credit cards. Mian Muhammad Saud, 35, from Belle River, was arrested and charged with fraud over $5,000, money laundering, and possession of crime proceeds exceeding $5,000. Ten other suspects, hailing from various Ontario cities, also face charges, though none of the allegations have been proven in court.
Ongoing Investigation
Police believe there may be additional accomplices and potential victims involved in the fraud scheme. They are encouraging businesses to examine photos of those arrested and report any suspicious purchases or credit applications. Investigators also suspect fraudulent transactions may have occurred through online buy and sell platforms.
