12 Sep 2012

Toronto area condo owners paying for someone else’s fraud

A September 2011 investigation by the Toronto Star showed that Manzoor Moorshed Khan, president of Channel Property Management, borrowed millions of dollars from condominium corporations in and around Toronto without their knowledge. According to the Star, lawyers determined that total misappropriation reached $20 million.

Once the jig was up, Channel Property Management was evicted from its Woodbridge office for not making rent payments, and Khan fled to his native country Bangladesh. He has not been seen since.

Toronto area condo owners and lessees looking to secure their belongings in a safe and legal manner should look into cheap storage in Toronto.

Now that Khan has fled, hundreds of condo building owners who were defrauded are left to foot the bill for special assessment fees.

“I have just been asked to pay $975 in special assessment fees . . . every owner has to pay,” Avijit Barua, owner of a unit at 10 Marbrooke Lane in Etobicoke, one of the condo corporations affect by the fraud, told the news source. It’s a lot of money. Mr. Khan gave us a lot of problems.”

In addition many of the unit owners are stuck with the properties, because no one wants to get involved with the legal troubles and outstanding loans.

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