A 62-year-old Punjab-origin man is facing half a dozen charges in connection with a Ponzi-style investment scheme that defrauded elderly victims of $1.4 million in Canada.A 62-year-old Punjab-origin man is facing half a dozen charges in connection with a Ponzi-style investment scheme that defrauded elderly victims of $1.4 million in Canada. (Sourced)Arrested on May 26, Navdeep Boparai, a resident of Brampton, has been charged with two counts each of fraud over $5,000, two counts of possession of property obtained by crime and laundering the proceeds of crime.According the Fraud Bureau of the Peel Regional Police, the fraud began in 2017, when several victims invested money with the accused and his company BLM Canada Corporation believing him to be a successful mortgage broker.Investors were told their funds would be used in private mortgages, a condominium development and a legal trust, with returns guaranteed, the police said in a release.While some investors initially received payments, police allege the investments were not legitimate and were funded using money from other investors to create the illusion of returns. The total reported losses are approximately $1,465,000.Peel Regional Police said they believe there may be additional victims and encourage anyone who has not yet come forward to contact investigators.In the release, the police reminded the public to exercise caution when investing. They advised investors to verify the credentials of individuals or companies, review documentation carefully, and seek independent financial or legal advice before committing funds. Police also cautioned the public to be wary of guaranteed returns, high-yield investments with little risk, or pressure to invest quickly.