A Toronto-based CEO, Harvinder Singh Bhoi, has been sentenced on April 10 to an eight-month conditional sentence, two years of probation with travel restrictions, after pleading guilty to defrauding investors in a fraudulent share scheme. The court also ordered Bhoi to repay $33,000 in restitution to his victims by July 2025.
The investigation, led by the RCMP’s Toronto Integrated Market Enforcement Team (IMET), began in 2022 after the Ontario Securities Commission (OSC) flagged suspicious activity involving Cobalt Blockchain. Investigators determined that three investors were deceived into funding a private placement of shares that were never purchased on their behalf.
On March 12, 2024, Harvinder Singh Bhoi, CEO and President of Asset Real Capital (ARC), was charged with one count of fraud over $5,000.
“This investigation is a great example of the RCMP’s commitment to keeping our communities safe by effectively disrupting financial crime,” said S/Sgt. David Kim, Acting Officer in Charge of RCMP IMET.
The IMET units, operating in British Columbia, Alberta, Ontario, and Quebec, specialize in detecting and prosecuting capital market fraud to protect Canada’s economic integrity.
Anyone with information on money laundering or financial crimes is urged to contact local police, the Ontario RCMP at 1-800-387-0020, or Crime Stoppers anonymously at 1-800-222-8477 (TIPS).
