Already facing charges of mortgage fraud and sexual assault, mortgage broker Dennis Khanna is also facing prosecution by the federal government over allegations he underreported his income by more than $1 million in 2008 and 2009. Dennis Khanna owned 18 rental properties, but didn’t report any rental income on his tax returns, according to Canada Revenue Agency.
Mortgage business default or fraud in handling tax returns
Federal tax court filings contain new allegations about the way both Dennis Khanna and his wife Veeru Khanna handled the money coming in to their King Street West mortgage business, the properties they managed and the rents they collected. The filings allege neglect, carelessness, willful default or fraud in their handling of their tax returns.
Financial Services Commission of Ontario
Meanwhile, the provincial regulator for mortgage brokers, Financial Services Commission of Ontario, is moving to revoke his licence in hearings that are scheduled to begin Friday.
Read more about the mortgage fraud at CBC News.
This article is summarized by Canadian Fraud News Inc.
Deborah McCoy – Is an investigative journalist and has over 17 years of investigation experience in both the private and public business sectors. Since joining CFN, Ms. McCoy has become a true advocate for victims of fraud and increasing the public’s awareness in fraud prevention.