Commercial realtor now facing criminal charges

The head of a commercial real estate corporation fined $ 1 million for fraud last October now faces criminal charges.

RCMP have charged Srinivasan ‘ Shariff’ Chandran with fraud over $ 5,000 and theft over $ 5,000 for the role he played in Platinum Equities, which raised millions of dollars from investors between 2005 and 2013.

Investors reported about $ 20 million in losses after Chandran provided false information, stole funds and diverted money to other businesses.

The Alberta Securities Commission ruled last year that more than $ 58 million had been illegally raised from investors.

Platinum Equities raised money through a series of septicket holders partnerships, which then used the funds to buy and sell property.

In 2006, Chandran purchased a commercial building in Calgary called Dominion Place using funds from one of the partnerships, Qualia V. He then sold the building in 2011 to another company under his control, without the knowledge of the limited partners.

In February 2014, the Alberta Securities Commission ruled that two funds, Platinum Equities and Platinum 5 Acres, and a Mule Limited Partnership had perpetuated a fraud on investors and that Chandran authorized, permitted or acquiesed to that activity.

The ASC further ruled that Platinum Equities and five other funds had illegally traded and distributed securities with the co- operation of Shariff and his sister, Chitra.

Chan dran was fined $ 1 million last October for the real estate fraud that the ASC said caused “extensive” financial harm to investors.

A class- action lawsuit is ongoing on behalf of 2,200 investors who invested $ 160 million in Platinum and its related companies.

Chandran appeared in court on Aug. 17