Condo developer allegedly takes down payments

YorkRegion.com
Aug. 22, 2014

Police are investigating after a Toronto condo developer allegedly took $12 million in deposits from prospective buyers before skipping town.

The police fraud unit says at least 16 separate complaints were filed in relation to Centrust Development Group.

The condo developer had sold pre-construction units to families, accepting down payments ranging from $40,000 for residential units to $600,000 for commercial units.

This summer, buyers complained to police that their money was missing along with the condo developer.

The developer's real estate lawyer was in charge of the funds and has declared bankruptcy.