Mississauga man has been arrested and charged with fraud after police say he purposely racked up a huge credit card bill of over $1 million without an intention to pay it back.
Peel Regional Police officers brought the case to the Serious Fraud Office for Ontario (SFO) in Nov. 2020, alleging the accused used his credit card to pay financial aggregators to cycle money through companies and individuals controlled by or associated with them.
The Ontario Provincial Police said the man’s credit limit was increased, and the credit card was used to make large purchases, which were never paid back.
In this particular incident, police said that once the individual’s credit limit is high enough, they use the card to make significant high-end purchases without the intention of payment, leaving the credit card company with unpaid balances.
On Tuesday, the OPP announced it had arrested and charged 57-year-old Naveed Nadir of Mississauga, with one count of fraud over $5,000 and one count of uttering a forged document.
He has been released from custody and is scheduled to appea at the Ontario Court of Justice in Toronto on Feb. 22.
