- Two Saskatoon-based real estate agents have been charged with multiple counts of fraud in a two-year fraud investigation involving mortgage applications.
- Police say they traced the documents back to mortgages submitted by two realtors and discovered eight applications with false documents at one financial institution.
- SRA has identfied the realtors involved as Debashis Deb and Kamanashis Deb.
The Saskatchewan Realtors Association (SRA) has identified two Saskatoon-based real estate agents charged in a mortgage fraud investigation.
According to SRA, Debashis Deb and Kamanashis Deb have been charged with multiple counts of fraud over $5,000 in connection with a two-year fraud investigation involving mortgage applications.
The Saskatoon Police Service (SPS) shared details through a news release Wednesday night, confirming their investigation began Mar. 1, 2021, after they received a report of falsified banking documents submitted with several mortgage applications at a Saskatoon banking institution.
Investigators say they traced the documents back to mortgages submitted by two realtors and discovered a total of eight applications with false documents at one financial institution.
As part of the investigation, the SPS Economic Crime Section executed search warrants, which police say led to the seizure of more fraudulent documents linked to mortgage applications at several other financial institutions.
On Jan. 9, 2023, one of the accused, a 36-year-old man, turned himself in at SPS Headquarters and was charged with two counts of fraud over $5,000. On Mar. 15, 2023, the second accused, a 42-year-old man, was arrested and charged with 17 counts of fraud over $5,000. Police have not released their identities.
In an email Thursday morning, SRA’s Director of Public Affairs, Cole Zawislak confirmed Debashis and Kamanashis are no longer association members.
Zawislak added, “Our members have an ethical obligation to uphold moral integrity, provide competent service to clients and customers, and demonstrate dedication to the interest and welfare of the public.”
Thanks for this detailed article. love it
I’d say Im shocked but given googling the person… not so much… they belong at homelife scamicle
RLP varsity has one agent that was running an escort service and was soliciting minors , another one who stole over 1million worth of cigarettes from federated coop when he worked there before becoming a realtor , and now this . The owner must have no conscience. It’s a small city.
Curious as to what licenses these two held, and why were they the ones submitting mortgage paperwork? I’m going to assume that they were also mortgage brokers yet the article, in typical “blame everything on the Realtor fashion, and only mention the Realtor part” does not clarify.
If they aren’t mortgage brokers, then I again ask why they were submitting mortgage paperwork to the bank?
It’s not my role to submit mortgage paperwork for any client.
Thank you for taking the time to share your thoughts. We strive to be fair and unbiased.
Our reporting is based on the facts and information we receive from the relevant authorities. In this case, it’s the Saskatoon Police and Saskatchewan Realtors Association. Investigators did not share details about the licenses the accused may have held, only confirming that they worked as real estate agents. The press release from the police is linked above.
We’ll continue following the story and sharing updates as they become available.
They were forging T4’s to present to lenders so qualified for lending. CBC did an episode on same thing in Toronto. They also increase sale price and take additional $10k on top of commission. Looks like their broker knew about this and let them continue to sell until the media found out. Royal Lepage obvious don’t care about ethics. I googled that brokerage and they have a history.
They were forging T4, they were not mortgage broker