By John Tenpenny
A Calgary man has been charged in connection with fraud involving the operation of Platinum Equities Ltd., with investors alleging $20 million has been lost.
The Calgary RCMP Organized Crime Unit has charged 42-year-old Srinivasan “Sharif” Chandran of Calgary with fraud and theft over $5,000.
RCMP allege Chandran, the man behind the failed and disgraced Platinum Equities Ltd., raised money to invest in commercial real estate properties between 2005 and 2013 but, “provided false information to investors, diverted funds to other business ventures outside of the investment agreement and stole investors funds.”
The charges relate to Qualia V Real Estate Investment limited partnership and the purchase of Dominion Place at 906-12 Avenue in Calgary.
Police accused Chandran of fraudulently selling the building in 2011 in a non-arm’s length transaction to another company that he controlled and operated, without the knowledge or consent of the limited partners.
Chandran was arrested on Aug. 17, 2015 and appeared in Calgary Provincial Court.
Last fall, the Alberta Securities Commision ruled that over $58 million was raised from Platinum
investors, mostly through illegal trades and distributions and fined Chandran and Platinum Equities $1 million for a real estate fraud.
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