TORONTO, Nov. 17, 2011 – Insurance Bureau of Canada’s Vice-President, Investigative Services, Rick Dubin today congratulated York Regional Police for slicing off “another major tentacle of fraud”.
Investigators with the York Regional Police Major Fraud Unit, in partnership with the Canada Border Services Agency and the Ontario Ministry of Transportation, have arrested 14 suspects and laid 145 charges following a lengthy investigation into a multi-million dollar fraud ring.
The members of the ring allegedly defrauded financial institutions, corporations, government agencies and insurance companies by using legitimate government identification obtained with forged foreign passports.
Police say the fraudsters opened bank accounts under false names and staged as many as 100 car crashes to defraud the property and casualty insurance industry.
“Organized insurance fraud is big business in Ontario and, specifically, the GTA,” said Dubin. “And their crimes drive up the cost of insurance for everyone.”
Earlier this year, the Ontario government established the Auto Insurance Anti-Fraud Task Force to examine the problem and make recommendations. IBC applauds the initiative.
If anyone suspects an insurance crime, they should phone IBC’s anonymous, 24-hour TIPS line toll-free at 1-877-IBC-TIPS (422-8477).
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.
To view media releases and information, visit the media section of IBC’s website at www.ibc.ca.