TORONTO, May 23, 2012 /CNW/ - The Royal Canadian Mounted Police (RCMP), Greater Toronto Area Commercial Crime Section, in collaboration with the Ontario Region Special Investigation Unit of the Office of the Superintendent of Bankruptcy (OSB), charged Mohamed Sheriffdeen JAINUDEEN, age 53, of Toronto with offences under the Bankruptcy and Insolvency Act and Criminal Code. The charges relate to allegations of fraud, false representations and the abuse of the bankruptcy process.
The Bankruptcy and Insolvency Act permits a debtor to obtain a discharge from his or her debts, subject to certain conditions and requirements. These requirements are imposed to preserve and protect the integrity of Canada's insolvency process for the general benefit of investors, lenders, consumers, and the broader public interest.
In October, 2009, JAINUDEEN filed an assignment into bankruptcy and his debts exceeded $190,000. Accordingly, his creditors were required to suspend their collection efforts at that time. JAINUDEEN has not been discharged from his bankruptcy. He is scheduled for a first appearance on Friday, June 22nd, 2012, at Old City Hall Courthouse in Toronto in relation to the criminal charges.
The combined efforts of the RCMP and the OSB Special Investigation Units will continue to focus on responding to allegations of criminal wrongdoing related to the bankruptcy and insolvency system and undertaking criminal investigations where evidence of wrongdoing exist. The objective is to maintain confidence in the integrity of the bankruptcy and insolvency system and the economic stability of Canada.
The RCMP GTA Commercial Crime Section can be reached by calling the RCMP Toronto West Detachment at 1-800-461-9398.
For further information:
Sgt. Richard Rollings,
Media Relations Coordinator
RCMP "O" Division
Office: (519) 640-7302
Cell: (416) 992-4409