The British Columbia Securities Commission (BCSC) is alleging that Vancouver resident Ayaz Dhanani defrauded a complete stranger of $55,000 in addition to defrauding a former co-worker of $13,800.
The BCSC’s December 4 notice of hearing alleges that, in July 2013, Dhanani approached a complete stranger at a bank and pretended his name was Azim Virani.
Dhanani later allegedly told the man about an investment opportunity involving a mining company that was about to go public. Dhanani told the investor that the stock price would jump 50% in a short time period, the BCSC alleges. The stranger gave Dhanani four bank drafts totaling $55,000, according to the BCSC.
While posing as Azim Virani, Dhanani told the stranger to make the bank drafts payable to A. Dhanani, who Dhanani said was his business partner, according to the BCSC’s notice of hearing.
Dhanani and his father deposited the investor’s money into two separate accounts held by Dhanani’s parents, the BCSC alleges.
The BCSC claims that Dhanani took at least $17,000 for himself, and that his parents used the rest to cover overdrafts in bank accounts and for personal items.
After a week, they had spent all of the investor’s money and depleted both accounts, the BCSC alleges.
About one month earlier, Dhanani allegedly told a former co-worker about an opportunity to make a quick 50% return by investing in a mining company that was about to go public.
Virani said that his family had “special access” to that company’s stock, according to the BCSC.
Dhanani and his father allegedly then deposited the former co-worker’s money into an account held by Dhanani’s parents.
Dhanani took $6,500 for himself, and his parents used the rest for personal items, such as gas, groceries, cash withdrawals and paying off the overdraft in the account, the BCSC alleges.
After a week, they had spent all of Dhanani’s former co-worker’s money and depleted the account, according to the BCSC.
Despite several promises to pay them back, Dhanani allegedly has not returned any money to either investor.
The BCSC’s notice of hearing outlines that Dhanani has a criminal record with convictions for fraud over $5,000, three counts of fraud under $5,000, possessing instruments for forging or falsifying credit cards, theft over $5,000, two counts of breaching a conditional sentence order and failing to comply with a recognizance.
The most recent conviction was in 2012, according to the BCSC.
In April 2014, the registrar of mortgage brokers of B.C. issued a cease and desist order to Dhanani because he was holding himself out as a mortgage broker without being registered, according to the BCSC.
None of the allegations have been proven.
