Toronto Condo fraud allegations shock family

http://www.thestar.com/news/article/1056432–condo-fraud-allegations-shock-family?bn=1

Allegations of a multi-million-dollar fraud against a condo property manager have stunned members of his family who say they have no clue about his whereabouts.

“When I saw his picture (in the newspaper) I was shocked — shocked,” Salman Khan said in his first interview since the scandal broke. “Everything was going good. This is totally wrong.”

Khan is the oldest son of Manzoor Khan, president of Channel Property Management Ltd., who allegedly borrowed millions of dollars against at least nine buildings — in most cases without the boards’ approval — leaving potentially thousands of condo owners on the hook for the money.

The total misappropriation may exceed $20 million. Several buildings have filed civil suits against Channel and Khan. He is believed to have fled the country. Toronto police are investigating.

Some condo corporations allege Khan forged signatures and created fake meeting minutes to register a bylaw that allowed him to obtain loans without the board’s knowledge. The money was funnelled into a separate bank account.

The Star first reported http://www.thestar.com/news/article/1054140–property-manager-bilked-20m-in-condo-fraud-victims-claim the allegations last Thursday.

Until now, the family has declined to answer any questions.

Categories: Americas, Canada, Crime

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.