Close X
Monday, November 11, 2024
ADVT 
National

Vancouver's Rajiv Dixit And Toronto Man Arrested In $93-Million Pyramid Scheme 'Banners Broker'

The Canadian Press, 09 Dec, 2015 11:14 AM
    Toronto police have charged two men in an alleged multimillion-dollar pyramid scheme that involved thousands of participants around the world.
     
    Police say the scheme — known as "Banners Broker" — was operated out of a Toronto address between October 2010 and March 2013.
     
    They say it offered participants the opportunity to double their money by investing in an advertising company that had access to a "globally renowned network."
     
    The scheme's participants were led to believe their investments were being applied towards a program offering payment for the direction of web traffic via referral links.
     
    Police say the program's existence was entirely dependant on the fee-based entry of new members to the scheme, and that little or no real product or service was actually provided.
     
     
    They say new investors were drawn into the scheme by false or misleading representations.
     
    By the end of 2012, police say more than US$93 million was obtained from thousands of participants, of which about $45 million was paid back to participants in the scheme.
     
    The remaining funds were funnelled to a number of offshore accounts in Belize, St. Lucia, Cyprus and other locations.
     
    Police say Christopher George Smith, 45, of Toronto, and Rajiv Dixit, 45, of Vancouver, have been arrested.
     
    They have been charged with defrauding the public, possession of proceeds of crime and laundering proceeds of crime. They have also been charged under the Competition Act with operating a pyramid scheme and making false or misleading representations.

    MORE National ARTICLES

    Naked, Distressed Couple Arrested Trying To Flee Police In Sooke, B.C.

    Naked, Distressed Couple Arrested Trying To Flee Police In Sooke, B.C.
    RCMP in that community northwest of Victoria say it happened late Tuesday evening when officers were called about reports of screaming.

    Naked, Distressed Couple Arrested Trying To Flee Police In Sooke, B.C.

    Ombudsman Ends Probe Of 10,500 Complaints Into Hydro One; Loses Oversight

    Ombudsman Ends Probe Of 10,500 Complaints Into Hydro One; Loses Oversight
    TORONTO — Ontario's ombudsman has wrapped up investigations into 10,500 complaints about billing errors at Hydro One, but the provincial watchdog can't look into any more problems at the utility because it's being privatized.

    Ombudsman Ends Probe Of 10,500 Complaints Into Hydro One; Loses Oversight

    B.C. Appeal Court Refuses To Chop Sentence For Randall Hopley Who Abducted 3-year-old Boy

    B.C. Appeal Court Refuses To Chop Sentence For Randall Hopley Who Abducted 3-year-old Boy
    A lower court judge determined Randall Hopley was a long-term offender and handed down a six-year-sentence after 26 months were deducted for time served awaiting trial.

    B.C. Appeal Court Refuses To Chop Sentence For Randall Hopley Who Abducted 3-year-old Boy

    Sentence Upheld For Dangerous Offender Dennis Bragg In Kamloops, B.C., Sex Assault

    Sentence Upheld For Dangerous Offender Dennis Bragg In Kamloops, B.C., Sex Assault
    The B.C. Court of Appeal unanimously dismissed a legal challenge on Friday by Dennis Bragg, who was designated a dangerous offender in March 2013.

    Sentence Upheld For Dangerous Offender Dennis Bragg In Kamloops, B.C., Sex Assault

    Canada's Micronutrient Initiative To Help Health Of UP Women

    Canada's Micronutrient Initiative To Help Health Of UP Women
     Canada's Micronutrient Initiative (MI) will invest (Canadian) $5.5 million (around Rs.28 crore) over the next five years in Uttar Pradesh to improve the nutritional status

    Canada's Micronutrient Initiative To Help Health Of UP Women

    Whooping Cough Outbreak At Elementary School In London, Ont.: Health Unit

    Whooping Cough Outbreak At Elementary School In London, Ont.: Health Unit
    LONDON, Ont. — A whooping cough outbreak at a London, Ont., school has the Middlesex London Health Unit reminding parents to check their children's vaccinations.

    Whooping Cough Outbreak At Elementary School In London, Ont.: Health Unit