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A Markham company’s controller allegedly defrauded employer out of $5.4M

Markham (November 30, 2020) – The York Police charged Steve Ramcharan from Pickering, who allegedly defrauded a Markham company out of $5.4 million while he was the company’s controller. He is accused of moving company funds into a private business that he had set up. On September 15, officers arrested Ramcharan and charged him with Fraud Over $5,000 and Criminal Breach of Trust.

The York Regional Police laid charges against Steve Ramcharan of Pickering for employee fraud, according to a press release issued on November 30. He is accused of defrauding a Markham company out of $5.4 million.

Markham company defrauded out of millions

York Police’s Financial Crimes Unit started the investigation in August of this year, after a forensic audit discovered that a Markham company had paid millions of dollars to an unknown business.

As a result of the investigation, officers identified that the company’s controller was allegedly moving company funds into a private business that he had set up. The police said that he defrauded more than $5.4 million using this scheme. Police did not reveal further details on how he perpetrated the fraud.

Charges laid against company’s controller

On September 15, the police arrested Ramcharan and charged him with Fraud Over $5,000 and Criminal Breach of Trust. The 43-year-old is scheduled to appear in a Newmarket court on January 8, 2021.

Read more: Fraud charges laid against former employee of North Glengarry Township

The police pointed out that the investigation is ongoing and asked anyone with information to contact the York Regional Police Financial Crimes Unit at 1-866-876-5423, ext. 2486, or call Crime Stoppers at 1-800-222-tips or leave an anonymous tip online at www.1800222tips.com.

Read more: Former employee of local Dryden community organizations charged with fraud