York Regional Police’s major fraud unit has charged Adeniyi Rafael Kayode, 36, of Vaughan in connection with an elaborate insurance fraud and are appealing for additional victims to speak up.
The scheme used false identities and stolen credit cards to take out automotive and home insurance policies fraudulently; policy payments were then made for those policies by using stolen credit cards, according to police.
Takings from the subsequent insurance claims were then placed into fraudulent bank accounts. Police allege that funds were later transferred from those accounts to the arrested man, who had control of them.
A tipoff of financial fraud to police in late October commenced the investigation.
The total value of the alleged fraud is $63,000.
The specific charges leveled against the man include fraud over $5,000, unauthorized use of credit card data and laundering the proceeds of crime. He is scheduled to appear before the Ontario Court of Justice in early May.