‘Operation Mad Money’ Drug and Money Laundering Investigation Has Links to GTA Real Estate, Documents Show

‘Operation Mad Money’ Drug and Money Laundering Investigation Has Links to GTA Real Estate, Documents Show

Police watched money get deposited in bank accounts in Edmonton, and tracked some of that to three properties outside Vancouver, where they say it was used to pay $1.38 million in electricity bills.
Court documents claim the sites didn’t have a licence to sell, and an investigation showed they did more than $3 million in business through multiple feeder accounts, accepting electronic bank transfers with explanatory notes including “weedguy” and “ed and bills.”
The properties did have Health Canada licenses to grow about 5,000 marijuana plans, but a police raid in 2020 counted almost four times as many.

“Canada really needs to sit down and realize we are still a very weak link. This case demonstrates that we have a long way to go.”
“We know that this is going on, we know money is coming into the province. All you do is look at the number of condos that are sitting vacant,” Clement said.

The investigation started with a Calgary police officer buying marijuana from websites called BudExpressNow and Cheapweed, a motion filed in Ontario Superior Court says.
And it could be the tip of the iceberg, says one retired Royal Canadian Mounted Police officer and money laundering expert. In an interview, Garry Clement Ontario should follow in the footsteps of B.C. and call a public inquiry to assess how big an impact laundered money has in the property market.

Ontario’s Attorney General is now applying to seize some $3.7 million in bank accounts it says contain money from the marijuana sales.
“The pattern of deposits into the subject accounts, including the frequent, large deposits made in round numbers, is indicative of unlawful activity,” the court application says.
In exchange, the Chinese nationals repaid the money in China, the documents say, pointing out that this is a way to circumvent currency controls in China that prevent money from easily being withdrawn from that country.

In Ontario, authorities claim in documents filed in Superior Court that the alleged profits of the operation ended up in the control of Toronto-area money service businesses, which authorities say sent money in Canada to Chinese nationals interested in buying Toronto real estate.
B.C.’s OffIice of Civil Forfeiture is applying to seize those properties.

The News Highlights

  • ‘Operation Mad Money’ Drug and Money Laundering Investigation Has Links to GTA Real Estate, Documents Show
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo