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Four people have been charged in a fraud investigation into a $48-million financial scheme, according to Waterloo Regional Police.
Police said its commercial fraud unit recently completed a complex, multi-year investigation into a local firearms and ammunition distribution business, along with a commercial financing company.
Between 2016 and 2020, the distribution business obtained tens of millions of dollars in financing by using forged business documents, according to a police news release.
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The alleged fraud came to light in 2020 during financial audits that uncovered significant irregularities and ultimately led to bankruptcy proceedings, police said.
“Investigators found that many of the transactions the business reported had never actually occurred,” the release reads.
Police allege those involved also fabricated communications and made deliberate misrepresentations to make the operation appear legitimate in order to secure funding.
Investigators say nearly 20,000 fraudulent invoices were submitted, resulting in an estimated $48 million in losses.
As a result of the investigation, a 52-year-old man and a 48-year-old woman from London, Ont., a 56-year-old man from South Frontenac and a 64-year-old man from Guelph have been charged.
All four accused face charges of fraud over $5,000, forgery, uttering forged documents and falsification of business documents.
Additional charges include possession of property obtained by crime, laundering proceeds of crime and identity fraud.
The accused are scheduled to appear in court at a later date.
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