A Calgary real estate developer was gunned down outside of his mansion early Monday. The family is confident Riaz Mamdani will make a full recovery. Brother Alykhan Mamdani acknowledged that his Riaz is accused of playing a role in two real estate frauds.
Motive still unclear in shooting ambush of millionaire developer
One of the real estate frauds allegedly bilked investors of $200 million and triggered a class action lawsuit. In 2014, the Alberta Securities Commission ruled two companies, including Platinum Equities, had perpetuated a fraud on investors while five other funds illegally traded and distributed securities. An 80-year-old retiree, who claims to have lost $100,000 in the alleged investment fraud said he was surprised to learn Mamdani was targeted, but it hasn’t blunted his lingering anger: “Some people lost their life savings — I lost a big portion of my life savings,” he said. But none of the allegations have been proven and the motive is still unclear in the shooting ambush of the millionaire developer.
Mamdani said he was not responsible for the losses
Mamdani told Alberta Venture in 2012 he was surprised and somewhat offended when he learned he was linked to legal action facing Platinum Equities Inc. over an alleged fraud. He told the magazine he felt badly for investors who lost money, though he said he was not responsible for those losses. He had hired private security personnel several months ago after receiving threat.
Read more at The Toronto Sun.