29-04-2025
Fraudulent investment scheme ends with guilty plea Français
TORONTO, April 29, 2025 /CNW/ - In 2022, the Integrated Market Enforcement Team (IMET) of the Royal Canadian Mounted Police (RCMP) in Toronto initiated an investigation, after receiving information from the Ontario Securities Commission. The investigation confirmed that three investors had been defrauded through the purchase of shares in a private placement of Cobalt Blockchain. However, these shares were never purchased on behalf of the investors. On March 12, 2024, the RCMP charged Harvinder Singh Bhoi, who is the CEO and President of Asset Real Capital (ARC) with one count of fraud over $5,000.
In early April, Bhoi from Toronto, entered a guilty plea to one count of Fraud over $5,000 contrary to section 380(1)(a) of the Criminal Code of Canada.
On April 10, 2025, the court imposed the following sentence on Bhoi:
An 8-month conditional sentence;
2 years of probation and travel restrictions;
A restitution order in the amount of $33,000 to be paid to his victims by July of 2025
This investigation was led by the RCMP's Toronto Integrated Market Enforcement Team. This specialized RCMP-led unit is mandated to protect the integrity of Canada's capital markets by detecting, investigating and deterring capital market fraud.
"This investigation is a great example of the RCMP's commitment to keeping our communities safe by effectively disrupting financial crime." – S/Sgt. David Kim, Acting Officer in Charge, RCMP IMET.
The RCMP IMETs are located in British Columbia, Alberta, Ontario and Quebec and are funded by the Government of Canada and led by the RCMP. Their goal is to detect, investigate and charge those using capital markets to harm the economic interests of Canadians.
If you have any information about money laundering or any other criminality, you can contact your local police, the Ontario RCMP at 1-800-387-0020, or report anonymously through Crime Stoppers at 1-800-222-8477 (TIPS), at any time.
