Colleen Schmidt, CTV News
A 42-year-old Calgary man is facing charges in connection to a multi-million dollar fraud investigation that alleged bilked $20M from investors over an eight year period.
The Calgary RCMP Serious & Organized Crime Unit launched an investigation into commercial real estate ventures operated by Platinum Equities Ltd., which is controlled by Srinivasan “Sharif” Chandran of Calgary.
Police arrested and charged Chandran on Monday and allege that he:
- Used Platinum Equities Ltd. to raise millionsof dollars from Canadian investors through a variety of investment funds and that one of the funds, the Qualia Real Estate Investment V Limited Partnership (Qualia V), issued an Offering Memorandum to raise capital for the purchase of a commercial building known as Dominion Place in Calgary Alberta.
- After purchasing the Dominion Place building in 2006 using funds belonging to the Qualia V limited partnership, he fraudulently sold the Dominion Place building in 2011 in a non-arm’s length transaction to another company he controlled and operated without the knowledge or consent of the limited partners. Qualia V investors were instantly deprived of their asset on this date.
- Committed theft of the secured equity of the Qualia V Limited Partnership when he sold the Dominion Place Building to a company he controlled and operated.
- Provided false information to investors, diverted funds to other business ventures outside of the investment agreement and stole about $20M in investor’s funds, between September 28, 2005 and October 21st, 2013
Chandran is charged with fraud over $5,000 and theft over $5,000.