Gateway Gazette

RCMP Calgary Serious & Organized Crime Unit charge Calgary man in multi-million dollar fraud investigation

 

Calgary, Alberta – The Calgary RCMP Serious & Organized Crime Unit has completed their investigation of commercial real estate ventures operated by Platinum Equities Ltd., a corporation controlled by 42 year old Srinivasan “Sharif” Chandran of Calgary, Alberta.

It is alleged that Srinivasan Chandran:

  • Used Platinum Equities Ltd. to raise millions of dollars from Canadian investors through a variety of investment funds.  One of these funds, the Qualia Real Estate Investment V Limited Partnership (Qualia V) issued an Offering Memorandum to raise capital for the purchase of a commercial building known as Dominion Place in Calgary Alberta.
  • Between September 28, 2005 and October 21st, 2013, Mr. Chandran provided false information to investors, diverted funds to other business ventures outside of the investment agreement and stole investors funds. A loss of approximately $20 million dollars has been reported by investors.
  • After purchasing the Dominion Place building in 2006 using funds belonging to the Qualia V limited partnership, he fraudulently sold the Dominion Place building in 2011 in a non-arm’s length transaction to another company he controlled and operated without the knowledge or consent of the limited partners.   Qualia V investors were instantly deprived of their asset on this date.
  • Committed theft of the secured equity of the Qualia V Limited Partnership when he sold the Dominion Place Building to a company he controlled and operated.

Srinivasan Chandran has been criminally charged with fraud over $5,000 and theft over $5,000.

He was arrested on August 17, 2015 and appeared in Calgary Provincial Court that same day.

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