Charges laid in bankruptcy investigation

BRAMPTON, ON, Feb. 18, 2016 /CNW/ - The Integrated Bankruptcy Enforcement Unit comprised of the Royal Canadian Mounted Police (RCMP) – GTA Financial Crime Section and the Ontario Region Special Investigation Unit (SIU) of the Office of the Superintendent of Bankruptcy (OSB) have charged a Brampton resident with offences under the Bankruptcy and Insolvency Act (BIA).  Karamjit Singh SAINI, 57, will appear at Old City Hall court in Toronto on February 19, 2016.

The investigation began in January 2015 in response to concerns raised by the bankrupt's Trustee, BDO Canada Limited, who claimed Mr. SAINI failed to provide required documentation and information relating to his November 2013 bankruptcy.

Mr. SAINI has been charged with the following BIA offences:

  • Failure to comply with duties of a bankrupt X 7; Contrary to the Bankruptcy and Insolvency Act;

The bankruptcy system is intended to afford a fresh start for the honest but unfortunate debtor.  However, there are instances where individuals abuse the system by failing to comply with their duties under the BIA and/or engaging in fraudulent criminal activities.  Offenders are identified by the OSB detection programs or through complaints from creditors, trustees or the general public.

Since January 2014, the Integrated Bankruptcy Enforcement Unit has charged 23 individuals and four corporations with 131 offences under the Bankruptcy and Insolvency Act and 92 offences under the Criminal Code encompassing liabilities of approximately $105 million.

Should members of the public have any information related to bankruptcy fraud schemes they are urged to contact either the OSB at 1-877-376-9902, the Ontario RCMP at 1-800-387-0020 or anonymously through Crime Stoppers at 1-800-222-8477.

Website:   RCMP in Ontario
Twitter:      @RCMPONT
Facebook:  RCMP.Ontario
YouTube:  RCMPGRCPOLICE

SOURCE Royal Canadian Mounted Police

For further information: For media inquiries contact: Sgt. Penny HERMANN, RCMP Media Relations, RCMP "O" Division, 905-876-9571, http://www.rcmp-grc.gc.ca/on/index-eng.htm

RELATED LINKS
http://www.rcmp-grc.gc.ca/

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