Toronto Police have arrested a Markham man in connection with an alleged investment fraud case and say there may be more victims.
Police said the investigation began on Thursday, August 12, 2024, when officers from 11 Division started looking into a fraud of over $5,000 in Toronto. Investigators allege the accused claimed to be a private investor linked to a company identified as 10000272 Canada Inc., Norstar Financial Security.
According to police, victims were persuaded to invest money into the business after being promised returns. Investigators allege the suspect later told investors their returns were being used to purchase vacant land. Police say the victims never received any returns and were instead given false documents.
On Tuesday, March 3, 2026, Neilay Modi, 50, of Markham, was arrested and charged with four counts of fraud over $5,000, four counts of possession of proceeds obtained by crime, and three counts of forgery.
He is scheduled to appear at the Ontario Court of Justice, 10 Armoury Street, on Thursday, May 14, 2026, at 2 p.m. in Room 201.
Toronto Police said they believe there may be additional victims and have released an image of the suspect.
Anyone with information is being asked to contact police at 416-808-1100 or Crime Stoppers anonymously at 416-222-TIPS (8477) or online at 222tips.com.
