TORONTO, ON — Toronto police have arrested a 50-year-old Markham man accused of defrauding multiple victims through a bogus investment operation.
The investigation began on August 12, 2024, after officers received a report of fraud exceeding $5,000. Police allege Neilay Modi, operating under the company name 10000272 Canada Inc. Norstar Financial Security, convinced victims to hand over money with promises of high returns from investing in vacant land.
Investigators say none of the promised profits materialized, and the documents provided to investors were later found to be falsified.
Modi was arrested on March 3, 2026, and charged with four counts of fraud over $5,000, four counts of possession of proceeds obtained by crime, and three counts of forgery. Police believe there may be additional victims and have released an image of Modi to help identify others affected.
He is scheduled to appear in court on May 14, 2026. Authorities are urging anyone with information or who believes they were defrauded to contact Toronto police.
