Former Notary Rashida Samji Charged With28 Counts Of Fraud And Theft!

Details of the ponzi scheme wererevealed in a B.C. Supreme Courtruling issued late in October that in partrelate to a property in Richmond. Thetrustee in bankruptcy for Samji soughtto freeze certain assets for the benefitof the creditors seeking the recovery ofmonies paid to numerous defendants,including Mumtaz Zulfikar Chatur,the estate of Zulfikar Nazarali Chatur,the Aga Khan Foundation Canada,Zam Properties Inc., Farid Kanji, JaneDoe #1, also known as K. Dhanani,and John Doe Recipient Group.

VANCOUVER – An Indo-Canadianwoman from Vancouver long agoaccused of running a multi-million dollarPonzi scheme is finally charged withfraud.Rashida Samji is said to have gottenabout $40 million from more than 100people between 2010 and 2012.The 60-year-old former notary ischarged with 28 counts of fraud andtheft, specifically related to 14 people whowere taken for $17 million between 2006and 2012. The RCMP say it was part of alarger fraud said to have begun in 2003.The police arrested Samji one weekago (Nov. 7) while leaving her residenceNov. 7, one day after the charges weresworn but police waited until this week toreveal the charges. She’s been released on$100,000 bail with 13 bail conditions.An earlier notice from the BC SecuritiesCommission says Samji promisedinvestors returns of 12% to 30% a yearthrough an arrangement with the ownerof Mission Hill Winery, who actuallyknew nothing about the scheme.An investigation by the RCMP’s FederalSerious and Organized Crime divisionfound that most of the money wasinvested between 2006 and 2012.Samji is also facing a civil class-actionlawsuit in B.C. Supreme Court, and onecourt document states about 96 investorshave launched legal action against over aloss of $22.7 million.”This was a lengthy complex investigationand its success would not have beenachieved without the cooperation of theVancouver Police and support given byinvestigators from the B.C. SecuritiesCommission,” said RCMP Supt. DerekSimmonds, OIC Federal Serious andOrganized Crime Operations andFinancial Integrity.Details of the ponzi scheme wererevealed in a B.C. Supreme Court rulingissued late in October that in part relateto a property in Richmond.The trustee in bankruptcy for Samjisought to freeze certain assets for thebenefit of the creditors seeking therecovery of monies paid to numerousdefendants, including Mumtaz ZulfikarChatur, the estate of Zulfikar NazaraliChatur, the Aga Khan FoundationCanada, Zam Properties Inc., FaridKanji, Jane Doe #1, also known as K.Dhanani, and John Doe RecipientGroup.The local property is located on RiverRoad, where the sum of $1,023,400 waspaid to a third party in consideration ofrenovations or other improvements atthe direction of the Chatur defendants,the court ruling states.While the defendants wereallowed to sell the property,Justice Laura B. Gerowruled that net proceedsfrom any sale would beplaced in trust pendingfurther court orders, oragreement between theparties.”This investigation successfullydismantled a fraud schemewhich had victimized numerous people.The outcome is a product of very thoroughwork completed by the FinancialIntegrity investigators coupled with thesupport provided by partner agencies,”says Supt. Simmonds.Investors allegedly defrauded by Samjiand an Indo-Canadian accomplice whoworked for Coast Capital Savings, havetaken their fight to recover their moneyto the door step of the credit union.The dispute, which is the subject of lawsuitsbefore the courts, involves Patel,who has already been banned from tradingsecurities.He admitted to the B.C. SecuritiesCommission (BCSC) in April that heencouraged his Coast Capital clients, aswell as friends and family, to invest inwhat he called a secure investment guaranteedto pay them 12 per cent a year.Nearly $29 million was invested in theSamji-led investment by the mainlySurrey residents Patel referred since2006, according to a BCSCruling.Coast Capital claims Patel –who was only authorized todeal in mutual funds – wasessentially a rogue employee,acting outside his scope ofemployment.“We were actually the oneswho uncovered Ms. Samji’sscheme and reported it to theB.C. Securities Commission,” said KarenMcDonald, senior manager of corporatecommunications at Coast CapitalSavings.Patel was relieved of his duties withindays of a client complaint that uncoveredhis activities.Scott Nicholl, a Surrey lawyer representing90 affected clients, said earlier someinvested more than $1 million and havelost much of their net worth.Some borrowed money through CoastCapital to invest via Patel and may beforced to sell their homes to pay backcredit lines.The securities commission said in anApril ruling that Patel – who put$600,000 of his own money in thescheme – should have known Samji’sclaims were false and that high returnswith no risk are impossible.