Toronto police have made significant progress in the investigation of an alleged investment fraud scheme, leading to the arrest of two suspects and the search for a third individual. The scheme, linked to financial losses of approximately $3.49 million, involved a company named Goldentrust Development Inc. operating in the Willowdale Avenue and Sheppard Avenue East area.
According to authorities, victims fell prey to promises of lucrative investment and real estate development opportunities, with guarantees of high returns and property collateral. Unfortunately, many investors realized too late that these assurances were fraudulent. Some individuals also contributed funds towards a home renovation project that never materialized.
The recent arrests include Bingbing Dong, 41, from Markham, and Peng Zhang, 43, from Toronto, who now face charges of fraud over $5,000. Meanwhile, a third suspect, Jiachen Dong, 37, of Toronto, is still at large. Described as approximately four foot ten and using the alias “Michelle Dong,” she worked as a real estate agent and is believed to have fled to China.
