An arrest warrant has been issued for a Mississauga attorney who police say defrauded multiple clients, resulting in a loss of more than $7.5 million.
Peel Regional Police said in a statement that between June and December of last year, “numerous victims” engaged the services of Shahid Malik, the owner of Shahid Malik’s law office in Mississauga, to settle real estate transactions.
Police said Malik allegedly received more than $7.5 million in escrow from real estate transactions to allow clients to pay off outstanding mortgages.
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“It is further alleged that, despite numerous requests from victims, the suspect did not allocate these funds to outstanding mortgages,” the statement said.
“As such, each victim has suffered a significant financial loss.”
Malik, 41, of Brampton, is wanted on charges of public fraud and breach of trust.
Police said there may be other victims.
Anyone with information about the investigation or Malik’s whereabouts is asked to contact police at 905-453-2121 ext. 3354 or Crime Stoppers anonymously at 1-800-222-8477.
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