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2 gentlemen charged in connection with authentic estate fraud: Montreal law enforcement – Montreal

Montreal police say two adult men were being arrested very last thirty day period in relationship with real estate fraud and appeared in a Montreal courthouse on Wednesday to be formally billed.

In a news launch, Montreal police claimed Mark Blumenthal, 51, and Constantin Niphakis, 42, have been arrested on Nov. 15 in Côte Saint-Luc for defrauding around 10 individuals of extra than $1.5 million.

In accordance to law enforcement, the duo operates a business referred to as J’achète des maisons CA$H or, translated into English, I pay out funds for households.

The pair would present themselves as buyers on the lookout to renovate homes and resell at a profit.

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Law enforcement allege they would entice probable homeowners with the prospect of a quick transaction.

“They have been normally in a susceptible problem,” law enforcement claimed of the victims.

After signing a gross sales contract in entrance of a notary or attorney hired by the pair, the sellers would receive a dollars payment on-internet site symbolizing a part of the full sale value.

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Law enforcement explained the victims ended up advised they would acquire the rest of the payment soon after the home was flipped but within a just one-yr most time frame.

As portion of the plan, law enforcement explained the alleged fraudsters would also choose out a sizeable property finance loan bank loan with a private lender devoid of at any time renovating the household or fulfilling any of their obligations.

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As a consequence, the lending company would seize the property when the alleged fraudsters created off with the income obtained through the personal loan.

“Meanwhile, the victims are waiting around for a 2nd payment that will never ever come,” police wrote in a French information release.

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Police are asking any person with information and facts on the activities of Blumenthal and Niphakis to contact 911 or the Montreal Details-Crime line at 514-393-1133.

None of the allegations have been proven in courtroom.

Police are warning Montrealers to exercise caution when it comes to real estate transactions.

“Beware features that look speedy and beneficial,” police explained.

They also advocate working with professionals you have picked out yourself and who you have faith in.

Other recommendations to guard yourself are obtainable on the Canadian Anti-Fraud Centre web site.

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