RECO Probes $2.7M Trust Misuse, Suspends Raman Dua and Four Save Max Brokerages
Ontario’s real estate regulator has taken sweeping enforcement action against four Save Max brokerages and two senior brokers after investigations confirmed unlawful use of millions of dollars held in real estate trust accounts.
The Real Estate Council of Ontario announced the action following inspections, investigations, and a third party forensic review of financial records completed in January 2026. The review stemmed from concerns raised in a formal complaint submitted to RECO in December 2024.
According to the regulator, investigators verified approximately $2.7 million was unlawfully disbursed from the Real Estate Trust Accounts of four Save Max brokerages. These disbursements breached requirements under the Trust in Real Estate Services Act, 2002, legislation designed to protect consumer deposits and ensure real estate transactions close properly.
RECO found trust funds were routinely taken out during the month and then replaced before required month end reconciliations. The funds were used for purposes outside the terms of the trust, including loan payments, property management fees, taxes, credit card balances, and vendor services.
The regulator stressed trust accounts exist solely to hold consumer deposits and transaction related funds. Using those funds for operating expenses or cash flow purposes represents a serious violation of the law and erodes public confidence in the real estate sector.
As a result, RECO issued Notices of Proposal to Revoke Registration and Immediate Suspension Orders against brokers Raman Dua and Nidhi Dua. Dua is the broker of record and sole director of Save Max Real Estate Inc., while Nidhi Dua serves as broker of record for Save Max First Choice Real Estate Inc.
Immediate Suspension Orders, Notices of Proposal to Revoke Registration, and Freeze Orders were also issued against Save Max Real Estate Inc., Save Max First Choice Real Estate Inc., Save Max Supreme Real Estate Inc., and Save Max Ace Real Estate. All four brokerages operate from the same Mississauga address on Enterprise Road.
On February 3, 2026, RECO froze the bank accounts of the affected brokerages to protect funds held in trust and prevent further withdrawals. The regulator described freezing trust accounts as the strongest safeguard available to protect consumer deposits. Access to frozen funds now requires going through the insurance claims process.
RECO also confirmed the Peel Regional Police have been notified of the findings.
Inspections of other Save Max brokerages across Ontario did not identify significant trust account concerns.
RECO acknowledged the action will affect consumers and close to 400 registrants associated with the named brokerages. The regulator said additional guidance and updates are available through a dedicated Save Max resource page, as it continues steps aimed at protecting consumers and maintaining integrity across Ontario’s real estate industry.
