Mississauga Lawyer Allegedly Scammed Real Estate Clients for $7.5M
If the real estate market in the Greater Toronto Area (GTA) wasn’t dramatic already, a Mississauga lawyer has added insult to injury for a handful of unassuming homeowners.
On Friday, Peel police issued a press release seeking the public’s help to find 41-year-old Shahid Malik — the owner and operator of Shahid Malik Law Office — who is wanted in multiple fraud allegations related to real estate transactions worth over $7.5M.
Investigators from the Fraud Bureau have issued a warrant for Malik, alleging that the Mississauga lawyer defrauded numerous victims between June 2021 and December 2021 who had turned to him to settle their real estate transactions.
It is alleged that Malik received more than $7.5M in trust for real estate transactions to allow the victims to pay off their outstanding mortgages. But, despite numerous requests from victims, Malik did not allocate these funds towards the outstanding mortgages. As such, each victim has suffered a significant financial loss.
And police believe there may be more victims.
Malik, a resident of Brampton, is currently wanted for the following charges: Defraud the Public and Breach of Trust.
Police are urging any other victims or anyone with information related to the whereabouts of Shahid Malik is asked to contact investigators at 905-453-2121, extension 3354.Information can also be left anonymously by calling Peel Crime Stoppers at 1-800-222-TIPS (8477), or by visiting peelcrimestoppers.ca.
In the meantime, Malik’s Law Society of Toronto page is still up. At least, for now it is.