Toronto Police Service has caught up with a daring gang who borrowed money from banks for non-existent businesses. But the end did not come before some $8 million had been defrauded from branches of the big banks. Cops say only “a minority” of the cash has been recovered. It is unknown just where it went. Police would only say the money has been laundered. Four men were sought and three have been arrested. The four are left to right Daniel Kebbe, Elias Rassi, Ajaz Ahmed Khan and Michael Shawn Majeed. It appears Khan has left the country. As described in the National Post, the plan involved using the premises and furnishings of existing businesses to dupe bank personnel that they were looking at a legitimate start up which needed a loan. For more than a year, the ringleaders orchestrated a series of meetings with lenders in the Toronto area, inviting them to locations staged as legitimate businesses.
