As reported last week, a property management company near Toronto has been linked to an alleged fraud on a massive scale. Channel Property Management’s President, Manzoor Khan, has been charged with numerous counts of mortgage fraud and construction fraud that may total more than $20 million.
The Toronto Star has reported that the list of properties affected has grown from 4 to 9. As more facts emerge, it seems like Mr. Khan’s lifestyle involved having 2 wives that are in Bangladesh. It is also reported that Mr. Khan has fled the country and is also in Bangladesh.
The real victims are the individual condo owners. We are talking about real people and families that have been crushed by this. Their property values have dropped and their condo fees have skyrocketed. The govt needs to step in now to help.
And what about other condo buildings… Could this be happening with other property management companies? Right now, there should be a quick and fast audit being done by all condo corps. This is probably an isolated incident but it would good to see the other Property Managers and condo corps make a public statement to calm the fears of current and prospective condo owners.
We will be following this story as it does not appear to be over yet… Channel Property Management said they managed around 40 properties, according to The Toronto Star. And again, for the record, Mr. Khan and Channel Property have denied the allegations and have filed a statement of defence.