In a major mortgage fraud, more than 4,000 people, primarily Canadian Croats, will lose nine million dollars invested in a credit union. In June 2010, fraud office employees began an investigation into the Croatian credit union based in Mississauga.
Investigators found that the suspects, with the help of the chief manager of the Croatian credit union, obtained fraudulent mortgages on undeveloped parcels in rural areas of Ontario, Canadian police reported. It is stated that the credit union and its members lost nine million dollars. More than 4,000 members of the union lost 250 dollars in membership fees, while their deposits were still protected by the Ontario Deposit Insurance Corporation. Last week, police arrested three residents of Toronto, including the chief manager of the union, while a fourth participant in the fraud is being sought. All four are charged with conspiracy to commit fraud exceeding 5,000 dollars. (www.hrt.hr)
