B.C. man arrested for investment fraudBy The IJ Staff | August 15 2017 11:30AM
Ravinderpaul Singh Mangat (a.k.a. Rob Mangat) of Surrey, B.C., has been arrested following an investigation by the British Columbia Securities Commission's Criminal Investigations Branch, announced the BCSC Aug. 14.
The warrant for Mangat's arrest was issued in connection with fraud charges against him under the Criminal Code, which were sworn June 1. Mangat was arrested Aug. 5 in Vancouver on the outstanding warrant by Vancouver Police.
Allegedly used invested funds for personal expenses
“It is alleged that from July 2012 to October 2014, Mangat convinced a Vancouver resident to invest $500,000 in a "Privileged Investment Group" offering a high guaranteed return. Rather than invest the money as promised, it is alleged Mangat spent the bulk of the invested funds on personal expenses and paying off debts,” states the BCSC.
He has been charged with two counts of fraud over $5,000 under the Criminal Code. On Aug. 9, Mangat was released on $10,000 cash bail with a number of conditions. A trial date has yet to be set.