Toronto police nabs 2 individuals involved in alleged fraud scheme targeting Filipino community

Toronto police said authorities conducted a search warrant in the Yonge Street and Finch Avenue West area last Wednesday, August 12, resulting in the arrest of the two people identified as Glenda Esteves, 45, and Teddy Lee Esteves, 44. (Photo: Toronto Police Service)

Toronto police arrested two individuals who were involved in an alleged multi-million dollar fraud scheme that had been targeting the Filipino community.

In a news release, Toronto police said authorities conducted a search warrant in the Yonge Street and Finch Avenue West area last Wednesday, August 12, resulting in the arrest of the two people identified as Glenda Esteves, 45, and Teddy Lee Esteves, 44.

Charges of fraud over $5,0000, uttering a forged document, and laundering the proceeds of crime were slapped against them.

This comes after the police’s year-long investigation, dubbed as Project Cosmo, into a cosmetic Ponzi scheme in which the Filipino community in North York and the Greater Toronto Area were said to be victimized.

The companies allegedly involved in the scheme were Mac Glamour Ltd., Infy Trading Incorporated, and B + E Investments. The authorities claimed that it was Mac Glamour which recruited victims to register second mortgages, loans, cash, as well as other equity to invest in the company’s future, making them believe that there will be large payouts.

The police said over $3.5-million were obtained by the fraudsters from their victims, but none of this huge amount of money was actually used for investments.

They believe that there are more victims and companies involved in the scheme that’s why they are asking those who have interaction with the abovementioned companies to communicate with the authorities through email at projectcosmo@tps.ca.

They can also call the police at 416-808-7300 and Crime Stoppers at 416-222-TIPS (8477), reach them through www.222tips.com, submit a tip on Toronto Police Service Facebook page, or text TOR and their message to CRIMES (274637).