Man charged in fraud excess of $6 million

The Calgary Police Service has arrested a man in relation to fraud in excess of $6 million.

In February of 2010, the Calgary Police Service began an investigation after a man claimed he had operated an investment and immigration scheme over the past five years, targeting members of the Asian community.

It is alleged he offered investors the opportunity to support his electronics importing business, IC Computers, asking them to loan him money by way of a promissory note. In return, it was promised that they would reap the benefits of the sale of electronics imported from Hong Kong and sold in the United States.

It is also alleged the accused developed the idea of offering assistance to potential immigrants. Through the administration of a franchise fee, the accused would agree to assist investors with their immigration process.

Over the course of the investigation, the Economic Crimes Unit determined that the electronics business was a Ponzi scheme, with any funds returned to investors coming from other investors rather than electronic sales.

The investigation also determined that over a nine-year time period, the accused offered no assistance to potential immigrants, instead defrauding them each of an alleged amount of $30,000 to $50,000.  The loss to known victims is in excess of $700,000.00

In consultation with Alberta Specialized Prosecutions, Calgary Police Service has charged Chi-Ho CHAN, also known as Moses Chan, 38, with two counts of fraud over $5,000.

The Calgary Police Service encourages anyone that has been a victim of this type of fraud to contact police at 403-266-1234 or Crime Stoppers anonymously using any of the following methods:

TALK: 1-800-222-8477

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CASE #10063323