In December 2006, police initiated an investigation into multiple individuals after receiving a complaint from bank officials about fraudulent activity. On Dec. 13, 2016, with the assistance of Canadian Border Services, Yasir Shaheen, 37 years of Edmonton, was arrested at Pearson International Airport returning to Canada.
Fraud scheme known as a “bust out fraud”
The investigation uncovered that these individuals had applied for credit in their own names with no intention of ever paying it back. This fraud scheme is known as a “bust out fraud”. In 2007, two individuals were arrested and charged with fraud over $5,000. The total amount of fraudulent transactions that these three were responsible for was approximately $170,000. He was brought to the Guelph Police Service on the strength of the warrant for fraud over $5,000. He was later released on his own recognizance with a court date in early February 2017.
Read more at Guelph Today.
This article is summarized by Canadian Fraud News Inc.